Warm up: Thursday 9/26/13 SAT word of the Day: Conscientious\ ˌ kän(t)- shē- ˈ en(t)-sh ə s\; adj ▫Word Root: Latin Scientia: “knowledge” Acting according to one’s conscience; scrupulous Create a sentence using the SAT word of the day relating to economics.

Warm up: Wednesday 9/25/13 SAT word of the Day: Omniscient \äm- ˈ ni- sh ə nt\; adj ▫Word Root: Latin Scientia: “knowledge” Having infinite awareness, understanding, and insight Create a sentence using the SAT word of the day relating to economics.

Objectives Students will be able to identify the four types of market structures within a mixed economy in order to understand the conditions, advantages, disadvantages of each type.

The Mixed Economy Examining Perfect Competition: A market structure in which a large number of firms all produce the same product. ▫Many buyers and sellers ▫Sellers offer identical products ▫Buyers and sellers are well informed about products ▫Sellers are able to enter and exit the market freely

The Mixed Economy Monopoly: A market dominated by a single seller. ▫A monopoly is formed when there are barriers that prevent others from entering the market.  Higher prices  Lower demand  A Natural Monopoly: Market that runs most efficiently when one large firm suppliers all of the output. ▫Land line telephone service-telephone lines ▫Public water/sewer

The Mixed Economy Monopolistic Competition: A market structure in which many companies sell products that are sililar but not identical. ▫Firms sell goods that can be substituted for one- another.  Bagel shops  Ice cream stands  Gas stations  Retail stores  Conditions: ▫Many firms ▫Few artificial barriers ▫Slight control over price ▫Differentiated products

The Mixed Economy Firms try not to compete on price alone. ▫Physical characteristics ▫Location ▫Atmosphere ▫Service ▫Advertising/image/status

The Mixed Economy Oligopoly: A market structure in which a few large firms dominate a market. ▫Four larges firms produce percent of the output.  Air travel  Breakfast cereals  Appliances  Barriers: ▫Government licenses or patents ▫High start-up costs ▫Expensive machinery ▫Large advertising campaigns

Applying what you’ve learned… Take the information we’ve talked about today ▫How does this apply to your company? Your entrepreneur?

Exit ticket 1.Reflect on your Entrepreneur project. 1.Identify your entrepreneur/company 2.After viewing the example project and critiquing it using the rubric, comment on how your project will do when you present. Make sure to reference at least 2 of the 7 of the categories when reflecting. 3.What do you need to do to improve your project? Explain at least 2 changes you can make to your project to earn more points towards the rubric. 2.How does the information we’ve learned today relate to your entrepreneur/company? Explain.