Chapter 7 - Market Structures and Market Failures
Essential Question: What happens when markets do not work perfectly?
Chapter 7 Points Checklist:
Notebook Guide Questions (Complete all) - 5 points
Industry Market Structure Digital Poster - 5 points
The Power to Choose - 5 points
Reading Challenge - 5 points
Chapter 7 Quiz - 10 points
Notebook Guide Questions (Complete all) - 5 points
Industry Market Structure Digital Poster - 5 points
The Power to Choose - 5 points
Reading Challenge - 5 points
Chapter 7 Quiz - 10 points
Section 1 - Introduction
Read Section 1 and consider the conditions you would like to start a business. Be sure to give reasons to justify your decision.
Section 2 - What is perfect competition, and why do economists like it so much?
Read Section 2 and answer the 4 Student Interactive Notebook questions.
Section 3 - What is a monopoly, and why are some monopolies legal?
Read Section 3 and answer the 3 Student Interactive Notebook questions.
Section 4 - What is an oligopoly, and how does it limit competition?
Read Section 4 and answer the 3 Student Interactive Notebook questions.
Section 5 - What is monopolistic competition, and how does it affect markets?
Read Section 5 and answer the 3 Student Interactive Notebook questions.
Industry Market Structure Digital Poster - Use Google Presentation(Slides)
You are going to create digital poster that describes the market structure of a particular industry.
Learn about your assigned industry and decide which market structure it exemplifies.
Choose 1 of the 8 Industry Options (file of the 8 linked below) labeled Student Handout A. Use information from your Reading Notes and the handout to complete these tasks:
• Identify the four characteristics of market structures—number of producers, similarity of products, ease of entry, and control over prices—as they relate to your industry.
• Based on these characteristics, identify your industry’s market structure.
Brainstorm visuals for your graphic equation and create a rough draft of your poster.
Layout your graphic equation (see the file below for how it could/should look. Follow these steps:
• For each characteristic, write a one- or two-sentence summary explaining how it uniquely functions in your industry. Make sure all four summaries relate to their accompanying graphs or illustrations.
-Reveal your Market Structure on a separate last slide
Create your poster
Learn about your assigned industry and decide which market structure it exemplifies.
Choose 1 of the 8 Industry Options (file of the 8 linked below) labeled Student Handout A. Use information from your Reading Notes and the handout to complete these tasks:
• Identify the four characteristics of market structures—number of producers, similarity of products, ease of entry, and control over prices—as they relate to your industry.
• Based on these characteristics, identify your industry’s market structure.
Brainstorm visuals for your graphic equation and create a rough draft of your poster.
Layout your graphic equation (see the file below for how it could/should look. Follow these steps:
• For each characteristic, write a one- or two-sentence summary explaining how it uniquely functions in your industry. Make sure all four summaries relate to their accompanying graphs or illustrations.
-Reveal your Market Structure on a separate last slide
Create your poster
Download File to View the 8 Industries - Choose 1 to focus on
econ_ch_7_market_descriptions.pdf | |
File Size: | 71 kb |
File Type: |
Layout Example for the Market Structure Slide/Poster
market_structures_layout_example.pdf | |
File Size: | 33 kb |
File Type: |
Section 6 - Market failures: What are externalities and public goods?
Read Section 6 and answer the 4 Student Interactive Notebook questions.
Summary
Read the "Summary" section and complete the 3 questions about market structures.
The Power to Choose
Read the "Power to Choose" section and answer the following questions in a Google doc and share with me:-What are some of the ways companies in the article cut costs while increasing profits?
-Which proposed solution do you think would best help the market work more "perfectly" to eliminate pollution? Why?
-Which of the solutions do you think would affect you the most and why?
-Which proposed solution do you think would best help the market work more "perfectly" to eliminate pollution? Why?
-Which of the solutions do you think would affect you the most and why?
Assessment
-Complete the Reading Challenge for Chapter 7
-Complete the Chapter 7 Quiz once you have reviewed your notes and completed the Reading Challenge.
-Complete the Chapter 7 Quiz once you have reviewed your notes and completed the Reading Challenge.