Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Class : y10 Lesson Topic: Monopoly Scheme of Work: Business.

Economics Section: Further Reading

Keywords – Monopoly, Natural Monopoly, Patents , barriers,

• Class : y10

• Lesson Topic: Monopoly

• Scheme of Work: Business Economics





Lesson Objectives P&DPlanning and

Data

ALL (KNOWLEDGE) Define and describe the terms of monopoly

MOST (ANALYSIS) Examine and Analyse the concepts of monopoly

SOME (EVALUATION )

Evaluate the pros and cons & Justify your views of monopoly

Higher thinking

Skills



Planning ToolsP&DPlanning and

Data



Define and describe the terms of monopoly[Grade E-D]

Examine and Analyse the concepts of monopoly

[Grade C-B]


[Grade A-A*]

Personalise your learning. . .



Keyword Definition

Competition

Monopoly

Natural Monopoly

Patents

Barriers

CONNECTIVES



CONNECTIVES for AnalysisCONNECTIVES for ApplicationCONNECTIVES for Evaluation

COMPARINGEqually…As with…Like…In the same way…Similarly…Even so…Likewise…CAUSE & EFFECT

Consequently… Due to…As a result… Therefore..Because of… Because…

CONCLUDINGFirstly… After…Secondly… Before…Overall… I believe…Finally… I think …In conclusion… it depends…To conclude… short term…Meanwhile… Long term…

CONTRASTINGAlthough… Except…Moreover… If…However… Yet…Apart from… Unless…Despite… As long as…

EMPHASISINGMost importantly…Significantly…Notably…Especially…Above all…In particular…Indeed…

QUALIFYINGDespite… Yet…As long as… Unless…Apart from… If…Moreover… Except…However… Although…

ADDINGIn addition… And…Too… Also…Additionally… As well as…Furthermore…

ILLUSTRATINGFor instance… Such as…In the case of… So…For example…As revealed by…As illustrated by…



Climb the LadderA-A*

1. To what extent 2. Do you think3. Evaluate whether (8-10m) 10+ connectives & key words

C-B

1. Explain 2. Compare3. Analyse (5-8m) 5+ connectives & key words

E-D

1. Define 2. Describe3. Identify (2-4m) 2 + connectives & key words

ATDApply to

demonstrate

Monopoly



What this is• A term used when one single company provides a single good

or service• There is little or no competition in the market where a

monopoly exists• A business is said to be a monopoly if it has over 25% of the

market share



Can you think of any?



Perfect Competition

Pure Monopoly

Monopolistic Competition Oligopoly Duopoly Monopoly

The further right on the scale, the greater the degree of monopoly power exercised by the firm.

Lots of CompetitionCompetitive Prices

No CompetitionHigh Prices



How do firms grow?Integration Tertiary

Sector

Primary Sector

Secondary Sector



How do Monopolies form? Barriers to Entry • Legal Barriers – Patents

• Costs Barriers – Economies of Scale

• Marketing Barriers – Economy of Scale

• Unique Product – Very good at what it does (e.g.Google)



How do Monopolies form? (Video)



What they mean for consumers

• High prices• Lack of choice – No competition • Low quality products – Possibly inefficient due to

no competition.



What they mean for the government• Do not like monopolies as it means there is little choice for

consumers and prices can be set to high levels• Does not promote monopolies but neither are they illegal in

this country

• Natural Monopolies are necessary sometimes. E.g. Infrastructure such as railtracks, sewage, phone lines. These industries require ONLY one supplier. – Imagine tail tracks competing and duplicating tracks?



What they mean for the monopoly• Can take advantage of economies of scale – Low cost per unit. • Need to do very little advertising• Can charge what they want – High Profits. • Can protect goods by bringing out patents. • Possibly increase research and development on new products– E.g. Google search engine, YouTube, driverless car, Glass.



Case Study • Google Glass

• Questions:

• 1. How did Google achieve Monopoly Power? (2m)• 2. What benefits will this bring for Google (4m)• What costs are there for consumer (4m)

https://www.youtube.com/watch?v=JSnB06um5r4



Monopoly Pros and Cons Advantages Disadvantages



PLENARIES



How can you increase competition in the market?• New firms can enter the market• Privatisation of government owned businesses• Selling new products• Cutting prices• Increasing advertising



How can you decrease competition in the market?• Taking over or merging with competitors• Taking out a patent on the product that you produce• Collusion (working together)• Internal growth



Climb the LadderA-A*

1. To what extent 2. Do you think3. Evaluate whether (8-10m) 10+ connectives & key words

C-B

1. Explain 2. Compare3. Analyse (5-8m) 5+ connectives & key words

E-D

1. Define 2. Describe3. Identify (2-4m) 2 + connectives & key words

ATDApply to

demonstrate



Lesson Objectives P&DPlanning and

Data

ALL (KNOWLEDGE) Define and describe the terms of monopoly

MOST (ANALYSIS) Examine and Analyse the concepts of monopoly

SOME (EVALUATION )


Higher thinking

Skills



Pass the ParcelAdd as much information you can remember from today’s lesson

When the horn blows – pass your sheet to the next table!

RReview the

Learning



Neighbours

2 things your neighbour has learnt today

1 question your neighbour wants

to ask

RReview the

Learning



Summarise your learning today into a single tweet

140 characters

Keep all of the information

Tweet Tweet

STOP

RReview the

Learning



1 question

you need to ask

2 new things you learnt

3 pieces of information

RReview the

Learning



5 minutes. . . GO

STOP

Economics Section:Further Reading Keywords – Monopoly, Natural Monopoly, Patents, barriers, Class : y10 Lesson Topic: Monopoly Scheme of Work: Business.

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