1. WELCOME C&E STUDENTS! Grab your handouts Roll Call Question: Flintstones or Jetsons? Mental Floss: PREPARE FOR YOUR QUIZ!!! –Supply & Demand –Shortage v. Surplus –Equilibrium –Shifts in Supply v. Shifts in Demand

2. QUIZ IN PROGRESS All you need is a pencil Have a question? Ask a question! When you are done bring your quiz to me and… Start working on today’s handout –Just the first column! Write your favorite brand of each category

3. BRANDING AND COMPETITION Complete the FIRST column of your “Branding and Competition” Handout Let’s Count up how many brands of each category we have as a class! We will come back to this after we have taken notes

4. 6.3 COMPETITION OBJECTIVE: ANALYZE THE CHARACTERISTICS OF THE 3 TYPES OF COMPETITION

5. WHAT IS COMPETITION? Competition: struggle between various producers to win the largest part of a market Ex: Coke v. Pepsi – both want to sell the most of their product

6. MONOPOLY: all market share and influence is controlled by one firm – Absence of Competition Ex: NFL – the NFL is the only outlet by which football teams can compete professionally with other teams

7. WHY IS COMPETITION IMPORTANT? 1.Lower Prices 2.Improves quality of goods 3.Improves the efficiency of the market 4.Innovation

8. TYPES OF COMPETITION Monopolistic Competition: all competitive firms have similar market share yet offer slightly differentiated products at varying prices Ex: Cereal Companies – there are many different types of cereals and brands that all make essentially the same product; however, some brands charge way above the true market price

9. Oligopolistic Competition: only a few number of firms have market share and thus control and dominate products and prices Ex: T-Mobile, Sprint, AT&T, and Verizon make up 89% of total cellular market share

10. Perfect (Pure) Competition: all competitive firms have the same market share and influence and offer the same product with little to no control over prices Ex: Farmers Market – there’s really no difference between goods sold at the market, and it all costs around the same amount

11. BRANDING AND COMPETITION Take out the handout on competition Now with the information you just learned complete the “Explain column” You will be explaining, based on our class numbers, what particular type of competition corresponds to each brand type.

12. ACTIVITY TIME Finish STONER AND BITER posters You will need to work together to accomplish this assignment Everyone will be working at all times If I see that you aren’t working, I will take 10 points off your score for this assignment for EACH infraction Everyone has a sheet that needs to be filled out and everyone must work on the poster at some point Roll for it

13. BUSINESSES ARE UP AND RUNNING! –1 Pizzeria - Aayush –2 Bakery – Daniel –3 Coffee Shop – Jillian –4 Clothing Store – Brooke –5 Jewelry Store – Michael –6 Grocery Store –Brian –7 Barber Shop/Beauty Parlor – Maddie –8 Apple Orchard – Sam –9 Deli – Carla –10 Frozen Yogurt Shop - –11 Movie Theater - Grace, –12 Florist – Rebecca –13 Butcher – Kyle –14 Candy Shop – –15 Music Store –

14. BUSINESSES ARE UP AND RUNNING! –1 Pizzeria - Josh –2 Bakery –Brooke –3 Coffee Shop –Joe –4 Clothing Store –Justin –5 Jewelry Store –CJ –6 Grocery Store –Viet –7 Barber Shop/Beauty Parlor –Gabe –8 Apple Orchard –Kyle P. –9 Deli –Damaris, –10 Frozen Yogurt Shop - Grace –11 Movie Theater - Kate –12 Florist –Khalil –13 Butcher –Arjun –14 Candy Shop – Chase –15 Music Store –

15. BUSINESSES ARE UP AND RUNNING! –1 Pizzeria - –2 Bakery – Mekaia –3 Coffee Shop – Cassie –4 Clothing Store – Robby –5 Jewelry Store – Alex H. –6 Grocery Store – –7 Barber Shop/Beauty Parlor – Liz –8 Apple Orchard – Omid –9 Deli – Luke M. –10 Frozen Yogurt Shop - Issac –11 Movie Theater - Noah –12 Florist – –13 Butcher – Nick –14 Candy Shop – Karolan –15 Music Streaming Company - DMya

16. FIRST YOU ARE PRODUCERS Your group has now selected a business. Give it a name! Now describe the factors of production you will need to create the goods/services (Land, Labor & Capital) You will then explain how your supply could increase OR decrease using the STONER acronym

17. NOW YOU ARE CONSUMERS Now you will be the consumer of another groups business Business will shift Clockwise You will use the BITER acronym to explain how your demand could increase OR decrease If you want responses in a certain color, please provide the marker at the time of the exchange.

18. GRAPH IT! Look at the back of your sheet Graph the shifts in supply you came up with Graph the shifts in demand your consumers came up with