1. Economics 1.What are your feelings about a minimum wage? What is a price ceiling? 2.When you are buying fruit and vegetables at the grocery store, what are some of the different varieties of carrots? Celery? 3.List some of the different brands of jeans. How are they different? 4.What is a monopoly? Can you give an example of a monopoly? 5.List some companies that make the following products: Soft drinks, Fast food burgers, Cars, Movies.

2. Pop Quiz 1.If consumer income decreases, the demand curve will shift which way? 2.If new technology is used to make a product, the supply curve will shift which way? 3.If the government increases taxes, the supply curve will shift which way? 4.If the price of an inelastic product increases, what will happen to demand? 5.If the government relaxes regulations on a child’s toy, the supply curve for the toy will shift which way?

3. 6.If the price of an elastic product increases, the demand curve will shift which way? 7.If the number of sellers increases, the supply curve will shift which way? 8.If taxes are lowered, the supply curve will shift which way? 9.If the price of butter increases, then the demand curve for margarine will shift which way? 10.If a seller thinks the price of his or her product is going to increase, the supply curve will shift which way?

4. Notes Label your notes: “4 Types of Market Structures in the U.S. Economy” with today’s date (3/4/15)

5. Pure Competition Sometimes called perfect competition. Many buyers and sellers. Identical products. Buyers and sellers are well informed about products. Easy entry into the market for sellers. No control over prices. (Free market sets the prices.)

6. Examples of Pure Competition

7. Monopolistic Competition Many Firms. Few barriers to entry. Slight control over Price. Products are similar, but not identical. –Physical characteristics –Location –Service Level –Advertising, image, or status

8. Examples of Monopolistic Competition

9. Oligopoly When the four largest firms produce at least 70-80% of the output. A few firms dominate. Some variety of goods. Some control over prices. High barriers to entry.

10. Examples of an Oligopoly

11. Monopoly One Company. No variety. Complete Control over Prices. Impossible to enter the market.

12. Examples of a Monopoly

13. Assignment List 15 products that you have in and around your house. Determine if the market they are apart of is pure competition, monopolistic competition, oligopoly, or monopoly. Explain your answers.