Learning Target: I can engage in a simulation on monopolies to understand how entrepreneurs became wealthy business owners during the Industrial Age. Do Now: Copy down graphic organizer on whiteboard

Do Now: Analyze the Chart Answer the following questions ▫1. What are the three largest American companies? ▫2.Which industry is the represented the most on the top 10 list? ▫3.Why is Wal-Mart the largest American company when it sells everything cheaper? ▫4.Which companies do you think are on the rise? On the fall? Business Chart

Key Terms in Economics Entrepreneur Big Business Little Business Perfect Competition Monopoly

Key Terms in Economics Entrepreneur-a person who organizes, invests, and operates a business or businesses.

Key Terms in Economics Big Business- large scale business activity. (McDonald’s) Small Business- small scale business activity. (Metro Star)

Perfect Competition Is a market in which numerous buyers, sellers, and no single buyer or seller can affect the price. Why is perfect competition great for consumers? ▫It ensures that consumers will pay the lowest price possible.

Perfect Competition The exact opposite of perfect competition is a

Monopoly exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation/control of prices. Patents and copyrights are legal monopolies.

Activity With your groups sort the following terms into the following graphic organizer in the following categories: ▫Reasons why Businesses Grew ▫Cities ▫Important People ▫Key Terms

Why did big businesses grow? Reasons why big businesses grew ▫Availability of work force, immigration ▫National markets created by transportation ▫Lower-cost production ▫Inventions ▫Advertising ▫Financial resources ▫Access to raw materials and energy

Key Terms Monopoly: exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices. Dividend: a sum of money paid to shareholders of a corporation out of earnings. Shareholder: a holder or owner of shares, esp. in a company or corporation. Captain of Industry: the head of a large business firm.

Industrial Cities Pittsburg =Steel Detroit =Automobile Chicago = Meat packing New England =Textile

Important People John D. Rockefeller ▫Standard Oil Andrew Carnegie ▫Steel Henry Ford ▫Automobile Cornelius Vanderbilt ▫Railroad

Monopoly Role Play We are going to take part in a monopoly simulation. As the simulation is going on pay close attention to what is happening to the businesses and prices of products being sold. After the simulation answer the guided questions. ▫Five Business Owners ▫Three Investors ▫One worker

Monopoly Simulation Questions How did the role play simulation enhance your understanding of a monopoly? What are the positives and negatives of a monopoly?

Essential Question How do monopolies impact producers and consumers?