Government – Grade 10 April 27 - May 1
PURPOSE
New Learning
Grade Level Expectations: Economic Systems – C.7.1-C.7.5
• I can describe the four economic market structures and provide examples for each. • I can explain the causes and effects of unemployment, the different types of unemployment, and I can provide examples for each.
WATCH
Monday: The Four Market Structures
Note: Watch this video on perfect competition, monopolistic competition, and oligopoly: https://www.youtube.com/watch?v=PCcVODWm-oY • What is perfect competition? • What is an example of perfect competition—why? • What is monopolistic competition? • What example of monopolistic competition does the video explain? • What is oligopoly, and what are some examples mentioned in the video? • What are some of examples that you can think of? • What is non-price competition? How does this impact you every day? • Why don’t monopolies and perfectly competitive markets seem to use advertising? • What is an economic cartel? What example does the video use?
Watch this video on monopolies and anti-competitive markets: https://www.youtube.com/watch?v=Sb_-wfmJnHA • Are monopolies good, bad, or both, and why? • Who are some examples of American monopolists? • In the video, he says market economists love competition, but monopolies are the antithesis of competition—what does this mean? • What is a pure monopoly? • How does Google seem to have monopoly power, but it’s not a monopoly? • What is an oligopoly? (Can you think of any markets like this in your own life?) • What is a barrier to entry? What are some examples? • What was the Sherman Act? • What did Toys “R” Us do that went against free-market competition? • What is a natural monopoly? What role do patents play in these? • What is price discrimination?
Watch this video on monopolistic competition: https://www.youtube.com/watch?v=8a3gXThQeK0 • What is monopolistic competition? • What is meant by, “the product is differentiated?” • What are some examples of products in this market?
Overall reflection: Apply the four market structures to a free-market economy and a command economy. How do the four market structures work differently in those two environments?
Wednesday: Types of Unemployment
Watch this video to review the above information: https://www.youtube.com/watch?v=tw65Wro6D1s • In addition to frictional, structural, and cyclical unemployment—what is seasonal unemployment? • Provide additional examples of each type of unemployment. • Please refer to the discussion activity.
Thursday: Types of Unemployment and Terminology
Watch the video on the types of unemployment: https://www.youtube.com/watch?v=G3eu1IaVXgE • Compare unemployment to the movie Back to the Future. • How does Mr. Clifford connect the movie to the 3 types of unemployment? • Please refer to the vocabulary activity under practice.
PRACTICE
Tuesday: Four Market Structures Terminology
Note: Review Monday video notes before beginning this assignment to refresh memory, and attempt to provide examples that were not mentioned in the videos.
• Using the Internet, complete the Four Market Structures vocabulary graphic organizer • Provide examples using context clues, actual examples, pictures, or links to YouTube videos.
Thursday: Types of Unemployment Practice and Terminology
Note: This vocabulary reviews information covered on Wednesday. Review notes before beginning this assignment to refresh memory, and attempt to provide examples that were not mentioned in the videos.
• Complete the Unemployment vocabulary using the Internet. • Provide examples in the form of sentences using context clues, actual examples, pictures, or links to YouTube videos.
DISCUSS
Wednesday: Types of Unemployment
Use this link to answer the questions about unemployment: https://www.investopedia.com/terms/u/unemployment.asp • What is the definition of unemployment? • Why is unemployment a key indicator of the economy? (Think of how this applies to the current situation with the Coronavirus.) • According to the graph, which three states have the highest rates of unemployment? Which three have the lowest rates? • What is frictional unemployment? • What is cyclical unemployment? • What is structural unemployment?
Overall Reflection: How can employment levels impact the overall economy? Which type of unemployment has the greatest impact on the overall economy? Which has the least?
PRODUCT
Friday: Using the CER writing model described below, complete the following writing prompts:
• John D. Rockefeller once said, “The growth of a business is merely the survival of the fittest.” What does this mean, and how does it reflect monopolistic competition morphing into a monopoly? What are some examples we have seen of this happening? • What are the impacts on both consumers and producers for each of the market structures? Provide explanation and examples for each. • Explain the three types of unemployment. Be sure to provide examples for each type. • Explain how unemployment is a key indicator of our economy. Be sure to use examples in your reasoning. • How can the effects of new technology impact competition in our economy? How can it impact employment?
Claim, Evidence, Reasoning (CER) model consists of: A claim that answers the question. Evidence from data. Reasoning that involves a rule or scientific principle that describes why the evidence supports the claim. Screen Free Activity Week 6 Four Market Structures Vocabulary
1. Define the words (column 2) and then provide a sentence, picture, or example (column 3) Terms Definition (In your own words.) Example, sentence, or picture
Perfect Competition Barrier to entry
Start-up costs
Monopoly
Natural monopoly
Government monopoly
Patent
Franchise
Price discrimination
Market power
Monopolistic competition
Non price competition
Oligopoly
Collusion
Price war
Cartel
Price fixing
Anti-trust laws
Trust
Merger
Unemployment Vocabulary
Terms Definition Example, sentence, or picture Frictional unemployment
Seasonal unemployment
Structural unemployment
Cyclical unemployment
Unemployment rate
Full employment
Discouraged worker
Inflation
Purchasing power
Hyperinflation
Fixed income
Deflation
Poverty threshold
Income distribution
CER Writing Model
Screen Free Activity Week 6 The Great Depression and Today • Background: The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939. It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers. By 1933, when the Great Depression reached its lowest point, some 15 million Americans were unemployed and nearly half the country’s banks had failed. It was a global crisis that some historians believe was a potential cause of World War II. In 1933, newly elected President Franklin Roosevelt addressed the nation in his inaugural speech. I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our Nation impels. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself--nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days. – FDR, 1933
- candor: the quality of being open and honest in expression; frankness. - preeminently: superior or surpassing; important above other things. - Frank(ness): honest
• Read and interpret FDR’s inaugural speech. To help you more clearly understand the document, try replacing the bolded vocabulary with the definitions below. o What impression is FDR giving the American people about the crisis of the Great Depression? o Could a similar version of this speech apply in today’s time? • Interview two adults about their knowledge of the Great Depression. o Ask the adults if they are familiar with the Great Depression. o Read the excerpt from FDR’s Inaugural Speech and ask the adult of their impressions. . Ask if they feel the speech could be applicable today. o Create a list of their responses. • Read/Watch news stories to see if comparisons can be made to political figures today. • Write an Essay: Using the sources and your knowledge of the social studies, write an argumentative essay that compares FDR’s Inaugural Address to today’s issues. Support your answer with evidence. o Use the Claims, Evidence, and Reasoning (CER) strategy to provide written answers to the prompt. (Refer to the ELA Screen Free Activities section for guidance).