General Information
Title: Markets and Competition
Subject Area: Social
Studies/Economics
SOL 7.6 - Virginia Standards
of Learning
The Students will explain the
structure and operation of the United States economy as compared with other
economies, with emphasis on:
-
the basic concepts of free market,
as described by Adam Smith, and of communism, as described by Karl Marx;
-
the concepts of supply and
demand, scarcity, choices, trade-offs, private ownership, incentives, consumer
sovereignty, markets, and competition;
-
private and public financial institutions
-
the economic impact of consumption,
saving and investment, and borrowing by individuals, firms and governments;
and
-
the differences between free market,
centrally planned, and mixed economies.
Grade Level: 8
Lesson Topic: Markets
and Competition
Descriptive Overview:
Just as one person is free to begin a business, all others are free to
begin a business also. Thus, competition affects the market. This lesson
will give examples of competition in the market place.
Advantages of Medium:
Students may work at their own speed when on the Internet or when using
a document that has been web-whacked.
Lesson Specifics
Lesson Objectives/Goals:
The student will:
-
determine what and how much of
a product to produce
-
explain how competition can affect
the market (supply and demand)
Assumed Skills or Prerequisite
Skills: Students should be familiar with unit vocabulary.
Learning Environment:
Classroom for PowerPoint Presentations and computer lab for online work.
Instructional Set
Students will discuss and learn
to appreciate the various aspects of markets and competition and how one
cannot exist without the other.
Gaining Attention: Not
applicable
Orienting the Lesson:
Not applicable
Stimulating Recall of Prerequisites:
Not applicable
Key Questions:
-
Define market and competition.
-
How does competition affect the
market?
-
How does competition differ in
the various economic systems?
-
What is the economic impact of
supply and demand on the market?
-
How does competition impact supply
and demand?
Teaching Strategies
-
Brainstorm examples of competition
in a business community.
-
Determine what factors are necessary
to begin a business.
-
Sometimes shortages occur in a
market. Read about the babysitter
shortage and answer the questions.
Terminology/Vocabulary:
Free
Enterprise
Supply
Demand
Law
of Supply
Law
of Demand
Factors
of Production
Determinants
Retail
Business
Practice: Students will
practice decision making and logical reasoning.
Assessment:
-
Answer the "Key Questions."
-
Answer the "babysitter" questions.
-
Students will discuss the "Start
A Business" decisions about what and how much to produce.
Enhancements
Imagine that two businesses are
going to manufacture the same product. Using the Want-Satisfaction Chain,
integrate all the necessary aspects of the cycle for the two businesses
and determine how competition will affect each stage of the cycle.
Extensions
Not applicable