Economics 7 1 Notebook 25 day 3 Competition

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Economics 7 -1 Notebook # 25 day 3 Competition and Market Structures

Economics 7 -1 Notebook # 25 day 3 Competition and Market Structures

Why do we differentiate instruction? l. We all learn differently and our students do

Why do we differentiate instruction? l. We all learn differently and our students do too. l. We want what is best for all students.

Differentiation is a teaching concept in which the classroom teacher plans for the diverse

Differentiation is a teaching concept in which the classroom teacher plans for the diverse needs of students. The teacher must consider such differences as the students’: l l l Learning styles, skill levels, and rates Learning difficulties Language proficiency Background experiences and knowledge Interests Motivation Ability to attend Social and emotional development Various intelligences Levels of abstraction Physical needs Adapted from http: //www. ed. gov/teachers/how/tools/initiative/summerworkshop/walker. ppt#263, 7, Differentiation: Differentiated Instruction

And what does differentiation mean? We commit to delivering the curriculum to all students

And what does differentiation mean? We commit to delivering the curriculum to all students l We provide challenge and rigor to all students, but still provide them with opportunities for success. l We recognize that students do not all need to do the same tasks in the same way. l

Why do we differentiate instruction? We use grouping to help students learn. l We

Why do we differentiate instruction? We use grouping to help students learn. l We create fair evaluation processes for student learning and grades. l We are coaches, facilitators, and guides, over the curriculum and the learning. l Students should be involved in how they decide to learn the material that is required by the curriculum. l

Differentiate the curriculum in three areas l Content- options for how you take in

Differentiate the curriculum in three areas l Content- options for how you take in the information l Process- options for you to make sense of the information & begin to understand it. l Product- options for showing that you have learned the information. This means assignment choices that still cover the same content in the curriculum.

Differentiating Content still includes: Use of technology/ internet l Different types of articles l

Differentiating Content still includes: Use of technology/ internet l Different types of articles l Brief lectures from the teacher l Videos/ documentaries l Personal research & writing essays l The use of cooperative learning groups l

Differentiating Product/Assignments Use of Bloom’s taxonomy to decide how you would like to learn.

Differentiating Product/Assignments Use of Bloom’s taxonomy to decide how you would like to learn. l

Differentiating Product/Assigments l. Use of multiple intelligences theory

Differentiating Product/Assigments l. Use of multiple intelligences theory

A Multiple Intelligence-Based Product/Assignment List l Verbal Linguistic l Write a book, poem, myth,

A Multiple Intelligence-Based Product/Assignment List l Verbal Linguistic l Write a book, poem, myth, or news article l Design a checklist for… l Research a topic and take notes… l Write a travel brochure/ newsletter l Create a set of newspaper headlines l Use a story telling to explain

Logical Mathmatical Conduct a survey, graph your results, and draw conclusions l Construct a

Logical Mathmatical Conduct a survey, graph your results, and draw conclusions l Construct a visual timeline l Design and conduct an experiment l Create or play a dice game and record l Create a word problem based on… l

Bodily Kinesthetic l l l Bring in hands-on material to demonstrate Make a videotape

Bodily Kinesthetic l l l Bring in hands-on material to demonstrate Make a videotape of… Create a museum exhibit to show… Create a play, role play, or props for… Gather an artifact box to show… Create a movement or sequence of movements to explain…

Intrapersonal l Keep a diary about… l Reflect on your own learning (SBC!!!) Write

Intrapersonal l Keep a diary about… l Reflect on your own learning (SBC!!!) Write an advice column l Record in a progress chart your accomplishments towards a goal… l Create a scrapbook for a character or historical figure… l

Spatial Design a greeting card or post card l Create a photojournal about… l

Spatial Design a greeting card or post card l Create a photojournal about… l Create a game that teaches a concept… l Find examples of art, architecture, or sculpture to symbolize the story/reflect the time period. l Use photographs to… l

Musical Interpret a song from a specific time period and discuss how culture/ society

Musical Interpret a song from a specific time period and discuss how culture/ society influenced… l Play a piece of music to demonstrate… l Gather examples of music that reflect the mood of a book or time period… l

Naturalist Write a photojournal about… l Take a virtual field trip to… l Write

Naturalist Write a photojournal about… l Take a virtual field trip to… l Write and illustrate a postcard from… l Gather or plan a collection of objects that… l

Interpersonal Evaluate your group’s performance l Present a news show/ talk show l Interview

Interpersonal Evaluate your group’s performance l Present a news show/ talk show l Interview several people about… l Lead a Socratic Seminar about… l Teach the class about… l

Differentiating Instruction Start slow! l Don’t differentiate every lesson! l Don’t grade everything! l

Differentiating Instruction Start slow! l Don’t differentiate every lesson! l Don’t grade everything! l This type of instruction should involve a lot of self-assessment. l Differentiation can be a little chaotic, but it works! l

Economics 7 -1 Competition & Market Structures ESSENTIAL QUESTION: • Why is competition encouraged

Economics 7 -1 Competition & Market Structures ESSENTIAL QUESTION: • Why is competition encouraged in a free market? • Why are monopolies illegal in free market?

Economics 7 -1 Competition & Market Structures GPS STANDARDS: SSEMI 4 a. ) Identify

Economics 7 -1 Competition & Market Structures GPS STANDARDS: SSEMI 4 a. ) Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition

Economics 7 -1 Competition & Market Structures Introduction • When Adam Smith published An

Economics 7 -1 Competition & Market Structures Introduction • When Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776, the average factory was small, and business was competitive.

Economics 7 -1 Competition & Market Structures • Laissez-faire, the philosophy that government should

Economics 7 -1 Competition & Market Structures • Laissez-faire, the philosophy that government should not interfere with commerce or trade, dominated Smith’s writing. • “Laissez-faire” is a French term that means “allow them to do. ”

Economics 7 -1 Competition & Market Structures l Under laissez-faire, the role of government

Economics 7 -1 Competition & Market Structures l Under laissez-faire, the role of government is confined to protecting private property, enforcing contracts, settling disputes, and protecting businesses against increased competition from foreign goods. l By the late 1800 s, however, competition was weakening.

Economics 7 -1 Competition & Market Structures • As industries developed–industry meaning the supply

Economics 7 -1 Competition & Market Structures • As industries developed–industry meaning the supply side of the market or all producers collectively–the nature of competitive markets changed.

Economics 7 -1 Competition & Market Structures l Market structure is the nature and

Economics 7 -1 Competition & Market Structures l Market structure is the nature and degree of competition among firms operating in the same industry.

Economics 7 -1 Perfect competition is when a large number of buyers and sellers

Economics 7 -1 Perfect competition is when a large number of buyers and sellers exchange identical products under five conditions.

Economics 7 -1 Perfect competition’s five conditions: 1. 2. 3. 4. 5. There should

Economics 7 -1 Perfect competition’s five conditions: 1. 2. 3. 4. 5. There should be a large number of buyers and sellers. The products should be identical. Buyers and sellers should act independently. Buyers and sellers should be well-informed. Buyers and sellers should be free to enter, conduct, or get out of business.

Economics 7 -1 Under perfect competition, supply and demand set the equilibrium price, and

Economics 7 -1 Under perfect competition, supply and demand set the equilibrium price, and each firm sets a level of output that will maximize its profits at that price. Figure 7. 1 A Perfect Competition: Market Price and Profit Maximization

Economics 7 -1 Competition & Market Structures What if a town had an open

Economics 7 -1 Competition & Market Structures What if a town had an open farmers’ market during the spring and summer. How would it meet each condition for a perfectly competitive market?

Economics 7 -1 To be a perfectly competitive market the farmer’s market would have

Economics 7 -1 To be a perfectly competitive market the farmer’s market would have to: 1. it would draw many buyers and sellers 2. the products would be farm-grown vegetables and fruits 3. prices would be set based on the week’s harvest (supply) and buyers’ demand 4. buyers examine and select products firsthand; 5. and buyers may choose not to purchase and sellers may choose not to participate or not to offer all farm products.

Economics 7 -1 • Monopolistic competition meets all conditions of perfect competition except for

Economics 7 -1 • Monopolistic competition meets all conditions of perfect competition except for identical products. • Monopolistic competitors use product differentiation—the real or imagined differences between competing products in the same industry.

Economics 7 -1 • Monopolistic competitors use nonprice competition, the use of advertising, giveaways,

Economics 7 -1 • Monopolistic competitors use nonprice competition, the use of advertising, giveaways, or other promotional campaigns to differentiate their products from similar products in the market. • Monopolistic competitors sell within a narrow price range but try to raise the price within that range to achieve profit maximization.

Economics 7 -1 What are some examples of how different clothing companies differentiate their

Economics 7 -1 What are some examples of how different clothing companies differentiate their products to influence you to buy them?

Economics 7 -1 1. available sizes 2. quality of fabric 3. appeal to a

Economics 7 -1 1. available sizes 2. quality of fabric 3. appeal to a younger market 4. What else makes you buy a clothing line or related product?

Economics 7 -1 How do cell phone companies differentiate their products to influence you

Economics 7 -1 How do cell phone companies differentiate their products to influence you to buy them?

Economics 7 -1 What about cell phone companies?

Economics 7 -1 What about cell phone companies?

Economics 7 -1 1. style of phone- color, etc. 2. phone features 3. unlimited

Economics 7 -1 1. style of phone- color, etc. 2. phone features 3. unlimited calling plans 4. unlimited texting plans 5. how do they appeal to a 6. younger market

Economics 7 -1 Oligopoly is a market structure in which a few very large

Economics 7 -1 Oligopoly is a market structure in which a few very large sellers dominate the industry. Chrysler FORD General motors

Economics 7 -1 • Oligopolists act interdependently by lowering prices soon after the first

Economics 7 -1 • Oligopolists act interdependently by lowering prices soon after the first seller announces the cut, but typically they prefer nonprice competition because their rival cannot respond as quickly.

Economics 7 -1 Example nonprice competition: • I’m a Mac Competing television commercials •

Economics 7 -1 Example nonprice competition: • I’m a Mac Competing television commercials • I’m a PC

Economics 7 -1 • Oligopolists act interdependently by lowering prices soon after the first

Economics 7 -1 • Oligopolists act interdependently by lowering prices soon after the first seller announces the cut, but typically they prefer nonprice competition because their rival cannot respond as quickly.

Economics 7 -1 • Oligopolists may all agree formally to set prices, called collusion,

Economics 7 -1 • Oligopolists may all agree formally to set prices, called collusion, which is illegal (because it restricts trade).

Economics 7 -1 Two forms of collusion include: 1. price-fixing, which is agreeing to

Economics 7 -1 Two forms of collusion include: 1. price-fixing, which is agreeing to charge a set price that is often above market price 2. dividing up the market for guaranteed sales.

Economics 7 -1 Oligopolists can engage in price wars, or a series of price

Economics 7 -1 Oligopolists can engage in price wars, or a series of price cuts that can push prices lower than the cost of production for a short period of time.

Economics 7 -1 COLA WARS

Economics 7 -1 COLA WARS

Economics 7 -1 • Oligopolists’ final prices are likely to be higher than under

Economics 7 -1 • Oligopolists’ final prices are likely to be higher than under monopolistic competition and much higher than under perfect competition.

Economics 7 -1 Why do you suppose oligopolists rarely protest when a rival raises

Economics 7 -1 Why do you suppose oligopolists rarely protest when a rival raises its prices? Oligopolists know that a higher price by one of its competitors will eventually lead to its own higher profits as they raise their prices to match their competitor.

Economics 7 -1 • A monopoly is a market structure with only one seller

Economics 7 -1 • A monopoly is a market structure with only one seller of a particular product. • The United States has few monopolies because Americans prefer competitive trade, and technology competes with existing monopolies.

Economics 7 -1 • Natural monopoly occurs when a single firm produces a product

Economics 7 -1 • Natural monopoly occurs when a single firm produces a product or provides a service because it minimizes the overall costs • Public utilities- Georgia Power, Atlanta Gas Light (now Georgia Natural Gas), AT&T.

Economics 7 -1 • The United States has few monopolies because Americans prefer competitive

Economics 7 -1 • The United States has few monopolies because Americans prefer competitive trade, and technology competes with existing monopolies. • Geographic monopoly occurs when the location cannot support two or more such businesses (small town drugstore, grocery store, hardware store).

Economics 7 -1 • Technological monopoly occurs when a producer has the exclusive right

Economics 7 -1 • Technological monopoly occurs when a producer has the exclusive right through patents or copyrights to produce or sell a particular product

Economics 7 -1 • Government monopoly occurs when the government provides products or services

Economics 7 -1 • Government monopoly occurs when the government provides products or services that private industry cannot adequately provide • uranium processing • nuclear weapons production

Economics 7 -1 Why are monopolies unappealing to Americans? Americans value the benefits of

Economics 7 -1 Why are monopolies unappealing to Americans? Americans value the benefits of the free enterprise system and economic and social goals that the system promotes.