CP Economics Unit 3
AP Macroeconomics Unit 3
Business Organizations and Market Structures
** This is technically a “mini-unit”. All material will cover one standard in this very short segment.
Standard:
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation.
b. Explain the role of profit as an incentive for entrepreneurs.
c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.
Day 1: Introduction to Business Organizations
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation.
b. Explain the role of profit as an incentive for entrepreneurs.
EQ: How do entrepreneurs organize their businesses to best meet the challenges of the market?
1.Warm Up: Student Brainstorm - What do you need to start up a business? Have students submit via Today's Meet. Discuss as a class.
2.Lead students to understand that part of starting up a business is deciding what type of business organization you want to form. Tell students that different business organization face different levels of liability, regulation, control, and access to financial capital. Discuss the meaning of each of these words/phrases.
3. Give students the words sole proprietorship, partnership, and corporation. In pairs, have them brainstorm and submit what they already know about these organizations in relation to the words/phrases we have already discussed. (Use iBrainstorm)
4. Have students access business organization graphic organizer on the online classroom. Using student derived info, complete graphic organizer. Organizer includes: Definition, Ease of Start Up, Control, Liability, Profit, Access to Resources, Permanence, Taxation, and Level of Regulation
5. Closing: Lesson summary and Socrative Exit Ticket
Day 2: Business Organizations –Guest Speaker
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation.
b. Explain the role of profit as an incentive for entrepreneurs
EQ: How do entrepreneurs organize their businesses to best meet the challenges of the free market?
1. Warm Up: Business Organization review activity via Socrative
2. Guest Speaker – Dena Lumpkin- Dena has been a business owner twice and her husband is part owner in a corporation. Dena will discuss her experiences as a business owner and reinforce ideas related to liability, start-up, and tax complications associated with each form of business.
3. Closing: Socrative Exit Ticket
Day 3: Market Structures – Monopoly and Oligopoly
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.
EQ: How does the level of competition faced by a firm affect the firm’s actions?
1. Warm Up: Discuss in elbow partners- Which of the following businesses face the MOST competition? Which one faces the least? Rank in order from MOST competition to LEAST competition: Coca-Cola, Georgia Power, McDonalds, Cotton Farmer
2. Explain to students that in completing this activity, they are actually addressing the concept of market structure.
3. Give students the definition of “market structure.” Tell students that over the next two days we will be analyzing the four market structures on the basis of the following: Number of Firms, Variety of Goods, Barriers to Entry, Control over Price, Non-Price Competition, and Examples. Tell them that today we will simply focus on two market structures – monopoly and oligopoly. Have students define monopoly. Guide them in their definition of oligopoly.
4. Have students access the market structures graphic organizer on the online classroom. In elbow partners, have students brainstorm their thoughts for monopoly and oligopoly.
5. Go over table with students once they have completed their brainstorm. Have students adapt their table.
6. Now, have students go back to the original warm-up from today. Which of these companies BEST fits the concept of a monopoly? Oligopoly? Why? Discuss in elbow partners and then share.
7. Have students brainstorm a list of other companies that could be classified as monopoly or oligopoly. Share.
8. Closing: Lesson Summary and Socrative Exit Ticket
Day 4: Market Structures – Monopolistic Competition and Pure Competition
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
a. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.
EQ: How does the level of competition faced by a firm affect the firm’s actions?
1. Warm Up: Socrative questions reviewing monopoly and oligopoly.
2. Tell students that so far we have looked at the LEAST competitive market structures. Today, we will focus on the MOST competitive market structures.
3. Tell students we will start out by focusing on “monopolistic competition.” Discuss the “oxymoron” nature of the term. Explain to students the concept of monopolistic competition using the “Big Mac” as an example.
4. In elbow partners, have students complete the chart for “monopolistic competition.” Go over their ideas and lead them in the correct completion of the chart. Have students come up with more examples.
5. Next, focus on the term “pure competition.” Show students an egg commercial. Explain that this is fairly close to the concept of pure competition. As a whole class define “pure competition.” In elbow partners, have students complete the rest of the chart. Discuss. Have students come up with more examples that might fit the category of pure competititon.
6. Closing: Lesson Recap and Socrative Exit Ticket
Day 5: Market Structures and Business Organization
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation.
b. Explain the role of profit as an incentive for entrepreneurs.
c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.
EQ: How do entrepreneurs organize their business to best meet the challenges of the free market? How does the level of competition faced by a business affect their actions?
1. Warm Up: Socrative questions on pure and monopolistic competition.
2. Tell students that today they will complete two case-studies in differentiated groups (based on past Socrative checks). One will be on business organizations and the other will be on market structures.
3. Start by having students access “Camisha and the Crown Jewels”. In groups, students will read and go over the discussion questions surrounding business organizations. Give students a set amount of time to discuss and keep timer on the board.
4. When time is up, discuss the “Camisha” reading as a whole group.
5. Pass out the second case study, “Buck Bidness”. Have students work in groups to analyze the case study. Set a timer to keep students on pace.
6. When time is up, discuss the Buck Bidness case study as a whole group.
7. Closing: Lesson Recap and Socrative Exit Ticket
Day 6: Market Structures and Business Organizations
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation.
b. Explain the role of profit as an incentive for entrepreneurs.
c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.
EQ: How do entrepreneurs organize their business to best meet the challenges of the free market? How does the level of competition faced by a business affect their actions?
1. Warm Up: Market Structures and Business Organization Blackout Game
2. Review blackout.
3. Students complete quiz on market structures and business organizations.
4. Review quiz.