Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Class : y10 Lesson Topic: Monopoly Scheme of Work: Business Economics

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers,

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Lesson Objectives P&D Planning and Planning and Data ALL (KNOWLEDGE) Define and describe the terms of monopoly MOST (ANALYSIS) Examine and Analyse the concepts of monopoly SOME (EVALUATION ) Evaluate the pros and cons & Justify your views of monopoly Higher thinking Skills

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Planning Tools P&D Planning and Planning and Data

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Define and describe the terms of monopoly [Grade E-D] Examine and Analyse the concepts of monopoly [Grade C-B] Evaluate the pros and cons & Justify your views of monopoly [Grade A-A*]

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, KeywordDefinition Competition Monopoly Natural Monopoly Patents Barriers CONNECTIVES

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, 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:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, 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

Monopoly

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, What this is A term used when one single company provides a single good or service There is little or no competition in the market where a monopoly exists A business is said to be a monopoly if it has over 25% of the market share

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Can you think of any?

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, 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:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, How do firms grow? Integration Tertiary Sector Primary Sector Secondary Sector

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, How do Monopolies form? Barriers to Entry Legal Barriers – Patents Costs Barriers – Economies of Scale Marketing Barriers – Economy of Scale Unique Product – Very good at what it does (e.g.Google)

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, How do Monopolies form? (Video)

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, What they mean for consumers High prices Lack of choice – No competition Low quality products – Possibly inefficient due to no competition.

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, What they mean for the government Do not like monopolies as it means there is little choice for consumers and prices can be set to high levels Does not promote monopolies but neither are they illegal in this country Natural Monopolies are necessary sometimes. E.g. Infrastructure such as railtracks, sewage, phone lines. These industries require ONLY one supplier. – Imagine tail tracks competing and duplicating tracks?

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, What they mean for the monopoly Can take advantage of economies of scale – Low cost per unit. Need to do very little advertising Can charge what they want – High Profits. Can protect goods by bringing out patents. Possibly increase research and development on new products – E.g. Google search engine, YouTube, driverless car, Glass.

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Case Study Google Glass Questions: 1. How did Google achieve Monopoly Power? (2m) 2. What benefits will this bring for Google (4m) What costs are there for consumer (4m)

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Monopoly Pros and Cons AdvantagesDisadvantages

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, PLENARIES

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, How can you increase competition in the market? New firms can enter the market Privatisation of government owned businesses Selling new products Cutting prices Increasing advertising

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, How can you decrease competition in the market? Taking over or merging with competitors Taking out a patent on the product that you produce Collusion (working together) Internal growth

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, 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:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Lesson Objectives P&D Planning and Planning and Data ALL (KNOWLEDGE) Define and describe the terms of monopoly MOST (ANALYSIS) Examine and Analyse the concepts of monopoly SOME (EVALUATION ) Evaluate the pros and cons & Justify your views of monopoly Higher thinking Skills

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, 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:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Neighbours 2 things your neighbour has learnt today 1 question your neighbour wants to ask R Review the Learning Review the Learning

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, 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:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, 1 question you need to ask 2 new things you learnt 3 pieces of information R Review the Learning Review the Learning

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, 5 minutes... GO STOP