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Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
• Class : y10
• Lesson Topic: Monopoly
• Scheme of Work: Business Economics
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
Planning ToolsP&DPlanning and
Data
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
Define and describe the terms of monopoly[Grade E-D]
Examine and Analyse the concepts of monopoly
[Grade C-B]
Evaluate the pros and cons & Justify your views of monopoly
[Grade A-A*]
Personalise your learning. . .
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
Keyword Definition
Competition
Monopoly
Natural Monopoly
Patents
Barriers
CONNECTIVES
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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…
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
Can you think of any?
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
How do firms grow?Integration Tertiary
Sector
Primary Sector
Secondary Sector
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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)
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
How do Monopolies form? (Video)
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
What they mean for consumers
• High prices• Lack of choice – No competition • Low quality products – Possibly inefficient due to
no competition.
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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?
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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.
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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)
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
Monopoly Pros and Cons Advantages Disadvantages
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
PLENARIES
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
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
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
Neighbours
2 things your neighbour has learnt today
1 question your neighbour wants
to ask
RReview the
Learning
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
Summarise your learning today into a single tweet
140 characters
Keep all of the information
Tweet Tweet
STOP
RReview the
Learning
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
1 question
you need to ask
2 new things you learnt
3 pieces of information
RReview the
Learning
Economics Section: Further Reading
Keywords – Monopoly, Natural Monopoly, Patents , barriers,
5 minutes. . . GO
STOP