Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Class : y10 Lesson Topic: Regulation Scheme of Work: Business Economics

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Lesson Objectives P&D Planning and Planning and Data ALL (KNOWLEDGE) Define and describe the terms of Regulation MOST (ANALYSIS) Examine and Analyse the concepts of Regulation SOME (EVALUATION ) Evaluate the pros and cons & Justify your views of Regulation Higher thinking Skills

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Planning Tools P&D Planning and Planning and Data

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Define and describe the terms of Regulation [Grade E-D] Examine and Analyse the concepts of Regulation [Grade C-B] Evaluate the pros and cons & Justify your views of Regulation [Grade A-A*]

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy KeywordDefinition Regulation Anti-competitive practices Office of Regulation Regional Policy CONNECTIVES

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy CONNECTIVES for Analysis CONNECTIVES for Application CONNECTIVES for Evaluation COMPARING Equally… As with… Like… In the same way… Similarly… Even so… Likewise… CAUSE & EFFECT Consequently…Due to… As a result…Therefore.. Because of…Because… CONCLUDING Firstly…After… Secondly…Before… Overall…I believe… Finally…I think … In conclusion…it depends… To conclude…short term… Meanwhile…Long term… CONTRASTING Although…Except… Moreover…If… However…Yet… Apart from…Unless… Despite…As long as… EMPHASISING Most importantly… Significantly… Notably… Especially… Above all… In particular… Indeed… QUALIFYING Despite…Yet… As long as…Unless… Apart from…If… Moreover…Except… However…Although… ADDING In addition…And… Too…Also… Additionally…As well as… Furthermore… ILLUSTRATING For instance…Such as… In the case of…So… For example… As revealed by… As illustrated by…

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Climb the Ladder A-A* 1.To what extent 2.Do you think 3.Evaluate whether (8-10m) 10+ connectives & key words C-B 1.Explain 2.Compare 3.Analyse (5-8m) 5+ connectives & key words E-D 1.Define 2.Describe 3.Identify (2-4m) 2 + connectives & key words ATD Apply to Apply to demonstrate

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Perfect Competition Pure Monopoly Monopolistic CompetitionOligopoly Duopoly Monopoly The further right on the scale, the greater the degree of monopoly power exercised by the firm. Lots of Competition Competitive Prices No Competition High Prices

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy What Monopolies mean for consumers High prices Lack of choice – No competition Low quality products – Possibly inefficient due to no competition. GOVERNMENT MUST INTERVENE….

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Government Intervention Governments intervene in the workings of the market mechanism to correct market failures in various ways: S ubsidies T axation Regulation I nformation P ollution Permits S tate Provision

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Regulation Regulation – wide range of regulation, standards and legal controls set by government Firms who fail to comply with regulations face action ranging from written warnings to heavy fine or even closure of the business.

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy How can government promote competition Promote small firms start ups – Lower taxes Lower barriers to entry – Lessen legal obstacles for firms to enter markets. Introduce legislation – Fair Trading Act Regulation – Government bodies scrutinise natural monopolies - OFWAT, OFGAS, OFGEM.

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Case Study – UK Energy market UK energy firms with monopoly power (4mins) UK energy firms with monopoly power (4mins) Cartels in energy markets (10mins) Eon fined for overcharging 1.Is energy market an oligopoly or monopoly? (Hint: How many firms dominate the market) 2.What is vertical integration? 3.Why is there little competition in energy market? 4.What impact is little competition having on customers? 5.What can government do to improve competition?

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Regional Policy Government influence location of firms to ; Promote employment Reduce inequality Reduce congestion

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Questions

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Lesson Objectives P&D Planning and Planning and Data ALL (KNOWLEDGE) Define and describe the terms of Regulation MOST (ANALYSIS) Examine and Analyse the concepts of Regulation SOME (EVALUATION ) Evaluate the pros and cons & Justify your views of Regulation Higher thinking Skills

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Climb the Ladder A-A* 1.To what extent 2.Do you think 3.Evaluate whether (8-10m) 10+ connectives & key words C-B 1.Explain 2.Compare 3.Analyse (5-8m) 5+ connectives & key words E-D 1.Define 2.Describe 3.Identify (2-4m) 2 + connectives & key words ATD Apply to Apply to demonstrate

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Pass the Parcel Add as much information you can remember from today’s lesson When the horn blows – pass your sheet to the next table! R Review the Learning Review the Learning

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Neighbours 2 things your neighbour has learnt today 1 question your neighbour wants to ask R Review the Learning Review the Learning

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy Summarise your learning today into a single tweet 140 characters Keep all of the information Tweet STOP R Review the Learning Review the Learning

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy 1 question you need to ask 2 new things you learnt 3 pieces of information R Review the Learning Review the Learning

Economics Section: Chp 28Further Reading Keywords – Regulation, Anti-competitive practices, regulatory bodies, Regional Policy 5 minutes... GO STOP