How do markets work?- lesson 5

• Economie
• Middelbare school
• vwo
• Leerjaar 3

What are you going to do today?

• Learning goals previous lesson
  
• Todays learninggoals
• Instruction 3.3
• Work on the assignments
• Check todays learninggoals

Kort herhalen

In de volgende dia's worden je zo een aantal herhalingsvragen gesteld. Probeer deze vragen zo goed mogelijk en zonder boek te beantwoorden. Op die manier kan jij (en de docent) kijken welke onderdelen je al goed beheerst en welke onderdelen je nog extra zou kunnen oefenen. 

When the sales price is higher then the market equilibrium you can conclude there is...

1. excess demand
2. excess supply
3. Maximum price
4. Minimum price

When the sales price is lower than the market equilibrium you can say there is...

1. excess demand
2. excess supply
3. Maximum price
4. Minimum price

Explain in your own words what a market equilibrium is.

Please upload a picture of your homework.

Used more than one page?
Upload a picture of the rest of the assignments.

Used more than one page?
Upload a picture of the rest of the assignments.

Learning goals

• You know the difference between a heterogeneous and a homogeneous product and are able to give some examples. 
• You can explain what a perfect market is. 
• You can note the essential differences between the different market forms.  
• You can explain how companies in an oligopolistic market compete. 

3.3 How do markets work?

Homogeneous products are the same products to consumers. In other words: consumers do not see any difference between the product of seller A and the product of seller B. 

3.3 How do markets work?

Heterogeneous products show small differences to consumers. Consumers do prefer one product above the other. 

For instance beceause it has a slightly different taste. 

3.3 Hoe werkt de markt?

A monopoly only has one supplier. Because there is no competition the supplier can chose his own price. A complete monopoly is rare. 

Holland Casino has a monopoly on live card games. They are to only (legal) supplier of live games like Black Jack and poker.

The NS is the only supplier of intercity routes.

3.3 Hoe werkt de markt?

With monopolitic competition there are a lot of suppliers who all sell similar products. Each product slightly different from the others. 

Because of the small differences suppliers can all choose there own prices. 

Time to do some assignments

* Read page 84 t/m 87

* Do assignments 36 up to and including 48. Skip assignment 46.

* Check the following slides to see if you reached todays learning goals.

* You will find some video's attached that you can watch for some extra explaination. 

During the lesson you can ask questions using the chat in Zoom.

Good luck!

Check your learning goals

What kind of products are the same to the consumer?

1. Homogeneous products
2. Heterogeneous products

Semi-skimmed milk

1. Homogeneous
2. Heterogeneous

Number of suppliers in a oligopolistic market?

1. Many
2. A few
3. One

A supermarket is an example of a(n)...

1. Oligopolistic market
2. Perfect competition
3. Monopolistic competition
4. Monopoly

Homework 

36 up to and including 48. Skip assignment 46. 

 12 may - test 3.1 u/i 3.3

8 or 9 may - walk in (zoom in) question hour.