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Analyzing Economic Issues (CIA4U)

Name: __________________

Unit 5 Outline
Types of Industries
Introduction
This unit introduces
students to the
types of industries.
Students examine
perfect
competition,
monopoly,
oligopoly, and
monopolistic
competition with an
eye to
understanding the
impact of these
structures on firm
profitability,
competition, and
overall social
welfare. An
understanding of
interdependence in
oligopoly is also
stressed.

Big Questions
The main overarching question of this course is: How do individuals and societies make sense of
and assess economic information to make decisions?

By the end of this unit on the theory of the firm, you will be able to answer the following
question:

1. How does industry structure influence firm decision-making, competition and profitability?
2. How does industry structure affect allocative efficiency?
3. How does interdependence affect firm decision-making?
Analyzing Economic Issues (CIA4U)

Name: __________________

Assessment and Evaluation


Assessment for Learning Assessment of Learning Assessment as
(Formative) (Summative) Learning (Formative)
 Mind Map  Unit Test  Diagnostic
 Newspaper Analysis Worksheet
 Unit Quest (Google Form)  Teacher-Student
 Morton Workbook conferences
Activities
*See Learning Goals and Success Criteria Checklist at the end of this outline for more
information about our learning targets for this unit.*
Key Terms, Concepts and Skills
Graphing & Numeracy Skills
1. Draw and interpret firm and industry graphs of the following industries (perfect
competition, monopolistic competition, oligopoly, and monopoly).
2. Read and interpret a payoff matrix (oligopoly).

Key Vocabulary

Perfect Side-by-Side Graphs Economic Profits


Competition Profit-maximization Surplus
Monopolistic Cost minimization Deadweight Loss
Competition Shutdown Point Prisoner’s Dilemma
Oligopoly Breakeven Point Dominant Strategy
Monopoly Socially-Optimal Point Nash Equilibrium
Revenue Maximum Point Payoff Matrix
Allocative Efficiency

Unit 4: Theory of the Firm (Lesson Thread)

Content
The Industry Spectrum

Perfect Competition
Monopoly
Oligopoly (Prisoner’s Dilemma)
Monopolistic Competition
Analyzing Economic Issues (CIA4U)

Name: __________________

Pre-Learning Assessment

1) How does industry structure influence firm decision-making, competition,


and profitability?

Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)


Analyzing Economic Issues (CIA4U)

Name: __________________

2) How does industry structure affect allocative efficiency?

Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)


Analyzing Economic Issues (CIA4U)

Name: __________________

2) How does interdependence affect firm decision-making?


Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)


Analyzing Economic Issues (CIA4U)

Name: __________________

Learning Goals and Success Criteria Checklist

LEVELS OF SUCCESS CRITERIA ACCOMPLISHED


UNDERSTANDING
How does industry structure influence firm decision-making, competition, and
profitability?
Uni-/multi-structural I can understand the different characteristics that
define each type of market.

I can define positive, zero, and negative economic


profits.

I can identify the following points and or areas using a


graph:

a. Profit Maximizing Point (All)


b. Cost Minimizing Point (All)
c. Shutdown Point (Perfect Competition)
d. Breakeven Point (Perfect Competition)
e. Socially-Optimal Point (Monopolist)
f. Revenue Maximum Point (Monopolist)
g. Size of revenue / loss (All)
h. Consumer & Producer Surplus (All)
i. Deadweight/Welfare Loss (Monopoly)
Relational I can assess a firm’s profit potential based on the
industry within which it operates.

I can assess the difference between the short and long


run analysis of firm decision-making.
Extended abstract I can make meaningful connections between what I’ve
learned in economics and other subjects and the world
around me.

How does industry structure affect allocative efficiency?


Uni-/multi-structural I can define allocative efficiency, deadweight loss,
consumer, and producer surplus.

I can understand why monopolies exist and why


government’s intervene in the market.
Relational I can compare how industry structure affects market
price and quantity produced.

I can assess allocative efficiency in each market


structure.
Analyzing Economic Issues (CIA4U)

Name: __________________

Extended abstract I can assess the degree to which society is affected by


government economic management and market
structure.
How does interdependence affect firm decision-making?
Uni-/multi-structural I know the characteristics of oligopoly and
monopolistic competition.

I can read and interpret a payoff matrix.

I can identify when a dominant strategy exists for a


firm in a payoff matrix.

I can identify when a Nash equilibrium exists in a


payoff matrix.

I can modify a payoff matrix when circumstances


change.
Relational I can apply my understanding of oligopoly and
collusion to scandals in Canada.
Extended abstract I can evaluate Canada’s current economy referencing
anti-trust law.