1. Learning Target: I can engage in a simulation on monopolies to understand how entrepreneurs became wealthy business owners during the Industrial Age.
Do Now: Copy down graphic organizer on whiteboard

2. Do Now: Analyze the Chart
Answer the following questions
1. What are the three largest American companies?
2.Which industry is the represented the most on the top 10 list?
3.Why is Wal-Mart the largest American company when it sells everything cheaper?
4.Which companies do you think are on the rise? On the fall?
Business Chart

4. Key Terms in Economics Entrepreneur Big Business Little Business
Perfect Competition
Monopoly

5. Key Terms in Economics
Entrepreneur-a person who organizes, invests, and operates a business or businesses.

6. Key Terms in Economics
Big Business- large scale business activity. (McDonald’s)
Small Business- small scale business activity. (Metro Star)

7. Perfect Competition
Is a market in which numerous buyers, sellers, and no single buyer or seller can affect the price.
Why is perfect competition great for consumers?
It ensures that consumers will pay the lowest price possible.

8. Perfect Competition
The exact opposite of perfect competition is a

9. Monopoly
exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation/control of prices.
Patents and copyrights are legal monopolies.

10. Activity
With your groups sort the following terms into the following graphic organizer in the following categories:
Reasons why Businesses Grew
Cities
Important People
Key Terms

11. Why did big businesses grow?
Reasons why big businesses grew
Availability of work force, immigration
National markets created by transportation
Lower-cost production
Inventions
Advertising
Financial resources
Access to raw materials and energy

12. Key Terms
Monopoly: exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices.
Dividend: a sum of money paid to shareholders of a corporation out of earnings.
Shareholder: a holder or owner of shares, esp. in a company or corporation.
Captain of Industry: the head of a large business firm.

13. Industrial Cities Pittsburgh =Steel Detroit =Automobile
Chicago = Meat packing
New England =Textile

14. Important People John D. Rockefeller Andrew Carnegie Henry Ford
Standard Oil
Andrew Carnegie
Steel
Henry Ford
Automobile
Cornelius Vanderbilt
Railroad

15. Monopoly Role Play
We are going to take part in a monopoly simulation. As the simulation is going on pay close attention to what is happening to the businesses and prices of products being sold. After the simulation answer the guided questions.
Five Business Owners
Three Investors
One worker

16. Monopoly Simulation Questions
How did the role play simulation enhance your understanding of a monopoly?
What are the positives and negatives of a monopoly?

17. Essential Question
How do monopolies impact producers and consumers?