Economics – 11/15/11

I.  Bellwork

• Page 184 Examining the News Clip 1-2 Q&A

II. Objective

• Review Chapter 7
• 6+1 Background information

III.  Classwork

1. A.  Chapter 7 Review for iLearn Test

• List the characteristics of perfect competition
• List and identify the characteristics of the 4 types of market structures
• List and identify the 4 types of monopolies.
• List the 5 conditions which can cause market failure.
• What are negative externalities and how are they corrected?
• What are positive externalities and how are they corrected?
• Identify 4 different Anti-Monopoly Acts and the purpose of each.
• Identify various government agencies and their roles.
• Why does the government involve itself with the functions of a market economy?

B.  Money & March Madness

Question:  Should college athletes be paid?

Fold a paper in half by length.

On the left, list reasons supporting.

On the right, list reasons against

Economics F2011