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Tuesday April 7, 2015
Agenda
• Turn in Projects• Review of Businesses• Types of
Competition/Profit Notes• Remake Monopoly
Classwork
Homework
• Finish Classwork
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Civics and Economics Day 132
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Types of Businesses ChartSole Proprietorship
Partnership Corporation Franchise
How many people own the business?
Percent of Businesses in the US?
Advantages
Disadvantages
Examples
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TYPES OF COMPETITION IN A MARKET ECONOMY
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Why is Economic Competition Important?Every business tries to
provide a product at better price or quality to attract customers and make profit.
This competition gives us better products at a lower price.
Competition helps keep supply and demand balanced.
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Types of Business Competition• Monopolies• Natural Monopolies
• Oligopolies• Monopolistic
Competition• Pure Competition
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Monopolies
• One single large seller with no close competition and no alternative substitutes• Examples:• Software Companies like
Microsoft, National Football League
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Natural MonopolyA monopoly that exists as a
result of high fixed or start-up costs. Also, costs are lower if there is one producer instead of several
Imagine if every telephone or cable company had to put their own wires in the ground/on telephone poles!
Examples: Cable companies, Electric Companies
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OligopolyVery similar
products, few sellersFairly inelastic
demand (Doesn’t change regardless of price)
Only the biggest and oldest survive
Businesses are big and equal in size.
Examples: Banks, Car makers,
gasoline retail companies, insurance companies
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Monopolistic CompetitionSellers feel they do have
some competitionOne big dominant
company with a few medium or smaller sized companies
Examples: Google Walmart Hotels Starbucks
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Pure CompetitionLow barriers to entry
(obstacles that make it difficult to enter a market) Ex: Advertising, high costs,
regulationsMany choicesNo business has
dominance.Examples:
Restaurants, convenience stores, nail salons, professional services (dentists, doctors, etc.)
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Monopoly Remake• Pick either Monopolistic Competition,
Oligopoly and Pure Competition and ANSWER IN COMPLETE SENTENCES describing how if Hasboro were to make one of these into a game like Monopoly how the following would be different.
• How would the board be shaped differently?
• How would the way you play be different?
• What type of properties would there be?• What would the pieces look like?• How would you win?
• Monopoly• The Board is square
shaped (For no particular reason)
• Monopoly you take turns, buying properties you land on or paying rent at properties you land on.
• Each property is a chance to make money with either homes or hotels.
• The pieces are inspired by things that contributed to economic success.
• You win buy owning all the pieces and everyone going bankrupt.