Unit 3: Competition & Business

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Presentation transcript:

Unit 3: Competition & Business Ch 22.1, 22.3, 23.2 Essential Standard CE.E.1.5

Competition Competition will exist if different businesses produce similar products

Monopoly: A sole provider of a good or service controls the market. No substitutes; no competition Suppliers can raise prices without losing business.

Competition is GOOD! Lower Prices Better Quality More choices for consumers Capitalism shows gov’t support of competition

Advertisements Used by businesses to inform people about their goods and services Cheapest and most effective form is by word of mouth

Discussion Question What are the characteristics of an effective advertisement? Think of advertisements that make you want to buy the product. What about that ad is convincing? Super Bowl 2013 Commercial costs $3.8 million for 30 seconds (that’s $126,667 per second)

Ad Slogan Contest

Mergers: One company joins with another to make one business Horizontal: Companies in the same business. Cell Phone Company + Cell Phone Company

Mergers continued… 2. Vertical: Company joins with one it buys from Lumber company + Construction company

Mergers continued… 3. Conglomerate: buying of unrelated businesses Nabisco + RJ Reynolds

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