Monopolies
https://www.hg.org/legal-articles/what-are-monopolies-and-why-are-they-bad-31592
Infamous anti trust cases
https://www.hg.org/legal-articles/infamous-antitrust-cases-6025
Hollywood anti trust
http://www.cobbles.com/simpp_archive/1film_antitrust.htm
Oxy maker
https://www.nbcnews.com/news/us-news/unredacted-lawsuit-against-oxycontin-maker-reveals-they-pushed-opioid-low-n965721
Sunday, February 3, 2019
Net neutrality and the role of the government
https://abcnews.go.com/Politics/net-neutrality-rules-now-history-means/story?id=55808872
Week of February 4, 2019
Chpt 7 is past due, Chpt 9 is due this week
Due next week
Chapter 12: Gross Domestic Product and Growth
12 (1) p. 301 identify each of the key terms in 7 words or less for each term.
Look at the chart on page 302. How does expenditure approach differ from income approach?
List 3 facts about the underground economy (p. 305)
Answer questions #1-7 on page 308 (odd/even)
12(2) p. 310 Identify the key terms in 7 words or less for each term.
What does the graph on page 312 show
What does the Global connection on page 314 show the relationship between?
What does the green flag on page 316 show?
Answer questions 1-5 on page 316 (odd/even)
Answer questions #1+2 on page 317
12(3) Identify the key terms on page 318 in 7 words or less for each term.
How is capital deepening shown on the chart on page 322?
How does the fast fact on page 323 explain how innovations impact business efficiency?
Answer questions # 1-5 on page 324. (odd/even)
Answer questions 1+ 2 on page 325.
Sunday, January 27, 2019
Chapter 9, Labor
Labor and the objectives of this chapter
We will discuss the occupational trends and how these issues helped lead to the election of President Trump
a. occupational trends the last 60 years and how trends in labor market are tracked
b. changes in US labor market, and explain how it was reflected in 2016 and 2020 voting
9-1 Labor Market Trends (211-217)
Identify
discouraged workers
learning effect
screening effect
contingent employment
Answer 1,2, 5, 6 on page 217
9-2 Labor and Wages (219-226) goals
a. explain supply and demand in labor market (are pro atheletes overpaid?)
b. explain how discrimination is econoically inefficient and how it impacts wages
c. examine why wages, working conditions, and benefits differ
Identify
productivity
equilibrium wage
unskilled vs. semi skilled labor
professional (white collar) labor
glass ceiling
featherbedding
Look at the flow chart (220), how does the outcome of the scenario effect cooks and restraurants?
Look at the equilibrium wage (221) on the chart. Why do stable wages mean stable restraurant prices?
Look at the chart on 223, which job has a less elastic supply? Why?
Answer questions 2, 3, 4, 6 on page 226
Read Karl Marx (227) answer questions 1 +2
9-3 Organized Labor (228-234)
a. Look at growth and decline of the US labor movement
b. explain collective bargaining
define
right to work law
white collar
blue collar
mediation
arbitration
Answer questions 1, 2, 7, 8
b. changes in US labor market, and explain how it was reflected in 2016 and 2020 voting
9-1 Labor Market Trends (211-217)
Identify
discouraged workers
learning effect
screening effect
contingent employment
Answer 1,2, 5, 6 on page 217
9-2 Labor and Wages (219-226) goals
a. explain supply and demand in labor market (are pro atheletes overpaid?)
b. explain how discrimination is econoically inefficient and how it impacts wages
c. examine why wages, working conditions, and benefits differ
Identify
productivity
equilibrium wage
unskilled vs. semi skilled labor
professional (white collar) labor
glass ceiling
featherbedding
Look at the flow chart (220), how does the outcome of the scenario effect cooks and restraurants?
Look at the equilibrium wage (221) on the chart. Why do stable wages mean stable restraurant prices?
Look at the chart on 223, which job has a less elastic supply? Why?
Answer questions 2, 3, 4, 6 on page 226
Read Karl Marx (227) answer questions 1 +2
9-3 Organized Labor (228-234)
a. Look at growth and decline of the US labor movement
b. explain collective bargaining
define
right to work law
white collar
blue collar
mediation
arbitration
Answer questions 1, 2, 7, 8
Tuesday, January 22, 2019
Chapter 7
Chapter 7 objectives
Describe prices and output in a perfectly competitive market, does perfect competition exist today?
Why are monopolies formed?
What is a differentiated competition?
What is the difference between a pure and differentiated oligopoly?
What role should government play in regulating business?
Do different market structures need different forms of regulation?
7-1 (150-154)
Define or give examples of
perfect competition
commodity
barrier to entry
start up costs
Answer questions #1-4 on page 154
7-2 (156- 164)
Define or give examples
Monopoly
economies of scale (explain the graph on 157)
natural monopoly
patent
franchise
price discrimination
market power
What business was mentioned in the fast fact (159)
What monopoly is shown on 160 map? Why are these cities listed?
Why did marginal revenue fall on the demand schedule (161) when production increased from 10,000 to 11,000 doses of BreathDeep?
Look at 7.7 (162) at what output does a monopolist maximize profit?
Answer #1, 2,3,4 6 on page 164
Read the Bill Gates profile (165) answer #2
7-3 (166-171)
Define or give examples of
Monopolistic/differentiated competion
non price competition
oligopoly
collusion
price fixing
cartel
Answer questions #1-6 on page 171
7-4 (172-
Define or give examples of
predatory pricing
antitrust laws
trust
merger
deregulation
What was National City Lines (172) and what did it do after WWII?
Answer questions #1-5,7 on page 176
Describe prices and output in a perfectly competitive market, does perfect competition exist today?
Why are monopolies formed?
What is a differentiated competition?
What is the difference between a pure and differentiated oligopoly?
What role should government play in regulating business?
Do different market structures need different forms of regulation?
7-1 (150-154)
Define or give examples of
perfect competition
commodity
barrier to entry
start up costs
Answer questions #1-4 on page 154
7-2 (156- 164)
Define or give examples
Monopoly
economies of scale (explain the graph on 157)
natural monopoly
patent
franchise
price discrimination
market power
What business was mentioned in the fast fact (159)
What monopoly is shown on 160 map? Why are these cities listed?
Why did marginal revenue fall on the demand schedule (161) when production increased from 10,000 to 11,000 doses of BreathDeep?
Look at 7.7 (162) at what output does a monopolist maximize profit?
Answer #1, 2,3,4 6 on page 164
Read the Bill Gates profile (165) answer #2
7-3 (166-171)
Define or give examples of
Monopolistic/differentiated competion
non price competition
oligopoly
collusion
price fixing
cartel
Answer questions #1-6 on page 171
7-4 (172-
Define or give examples of
predatory pricing
antitrust laws
trust
merger
deregulation
What was National City Lines (172) and what did it do after WWII?
Answer questions #1-5,7 on page 176
Sunday, December 9, 2018
Sunday, December 2, 2018
Dec 4, 2018
Quiz on chpt 8 this week
Due next week
Chapter 4
4(1) Understanding Demand (79-
Define:
demand
law of demand
substitution effect
income effect
demand schedule
market demand schedule
demand curve
Look a figure 4.1 What does the law of demand say about lower prices?
Look at figure 4.2 What two effects does it show?
What two types of demand schedules are shown on figure 4.3?
Section 1 questions Group_______________________
4(2) Shifts in Demand Curve
Define:
ceteris paribus
normal good
inferior good
complements
substitutes
What is pictured on page 85?
Look at 4.6 What is shifting?
What inferior good is pictured on page 86?
What expectation pictured on page 87 changed demand?
What complementary goods are pictured on page 88?
Section 4(2) questions : Group _______________________
4(3) Elasticity of Demand
Define:
elasticity of demand
inelastic
unitary elastic
total revenue
Read Global connections (91) What caused a change in the Indian government in 1988?
Look at the picture on page (93) Which demand is inelastic and which is inelastic? Why?
Look at the picture (94) How are economic conditions reflected in the two car advertisements?
Look at the 4.8 revenue table? At what individual price do you think a pizzeria could maximize its revenue? Why? Remember complementary products to pizza.
Look at figure 4.9 (96) How does revenue signal elasticity?
Section 4(3) questions Group _____________________
Define:
demand
law of demand
substitution effect
income effect
demand schedule
market demand schedule
demand curve
Look a figure 4.1 What does the law of demand say about lower prices?
Look at figure 4.2 What two effects does it show?
What two types of demand schedules are shown on figure 4.3?
Section 1 questions Group_______________________
4(2) Shifts in Demand Curve
Define:
ceteris paribus
normal good
inferior good
complements
substitutes
What is pictured on page 85?
Look at 4.6 What is shifting?
What inferior good is pictured on page 86?
What expectation pictured on page 87 changed demand?
What complementary goods are pictured on page 88?
Section 4(2) questions : Group _______________________
4(3) Elasticity of Demand
Define:
elasticity of demand
inelastic
unitary elastic
total revenue
Read Global connections (91) What caused a change in the Indian government in 1988?
Look at the picture on page (93) Which demand is inelastic and which is inelastic? Why?
Look at the picture (94) How are economic conditions reflected in the two car advertisements?
Look at the 4.8 revenue table? At what individual price do you think a pizzeria could maximize its revenue? Why? Remember complementary products to pizza.
Look at figure 4.9 (96) How does revenue signal elasticity?
Section 4(3) questions Group _____________________
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