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Warm up: Thursday 9/26/13. SAT word of the Day: Conscientious ˌ kän (t)- shē -ˈen(t)- shəs ; adj Word Root: Latin Scientia : “knowledge” Acting according to one’s conscience; scrupulous Create a sentence using the SAT word of the day relating to economics. Warm up: Wednesday 9/25/13.

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warm up thursday 9 26 13
Warm up: Thursday 9/26/13
  • SAT word of the Day: Conscientious\ˌkän(t)-shē-ˈen(t)-shəs\;adj
    • Word Root: Latin Scientia: “knowledge”
  • Acting according to one’s conscience; scrupulous
  • Create a sentence using the SAT word of the day relating to economics.
warm up wednesday 9 25 13
Warm up: Wednesday 9/25/13
  • SAT word of the Day: Omniscient \äm-ˈni-shənt\; adj
    • Word Root: Latin Scientia: “knowledge”
  • Having infinite awareness, understanding, and insight
  • Create a sentence using the SAT word of the day relating to economics.
objectives
Students will be able to identify the four types of market structures within a mixed economy in order to understand the conditions, advantages, disadvantages of each type.Objectives
the mixed economy
Examining Perfect Competition: A market structure in which a large number of firms all produce the same product.
    • Many buyers and sellers
    • Sellers offer identical products
    • Buyers and sellers are well informed about products
    • Sellers are able to enter and exit the market freely
The Mixed Economy
the mixed economy1
Monopoly: A market dominated by a single seller.
    • A monopoly is formed when there are barriers that prevent others from entering the market.
      • Higher prices
      • Lower demand
        • A Natural Monopoly: Market that runs most efficiently when one large firm suppliers all of the output.
          • Land line telephone service-telephone lines
          • Public water/sewer
The Mixed Economy
the mixed economy2
Monopolistic Competition: A market structure in which many companies sell products that are sililar but not identical.
    • Firms sell goods that can be substituted for one-another.
      • Bagel shops
      • Ice cream stands
      • Gas stations
      • Retail stores
        • Conditions:
          • Many firms
          • Few artificial barriers
          • Slight control over price
          • Differentiated products
The Mixed Economy
the mixed economy3
Firms try not to compete on price alone.
    • Physical characteristics
    • Location
    • Atmosphere
    • Service
    • Advertising/image/status
The Mixed Economy
the mixed economy4
Oligopoly: A market structure in which a few large firms dominate a market.
    • Four larges firms produce 70-80 percent of the output.
      • Air travel
      • Breakfast cereals
      • Appliances
        • Barriers:
          • Government licenses or patents
          • High start-up costs
          • Expensive machinery
          • Large advertising campaigns
The Mixed Economy
applying what you ve learned
Applying what you’ve learned…
  • Take the information we’ve talked about today
    • How does this apply to your company? Your entrepreneur?
exit ticket
Exit ticket
  • Reflect on your Entrepreneur project.
    • Identify your entrepreneur/company
    • After viewing the example project and critiquing it using the rubric, comment on how your project will do when you present. Make sure to reference at least 2 of the 7 of the categories when reflecting.
    • What do you need to do to improve your project? Explain at least 2 changes you can make to your project to earn more points towards the rubric.
  • How does the information we’ve learned today relate to your entrepreneur/company? Explain.
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