This is a complete lesson plan about the most basic market structure: perfect competition. It explores the characteristics of this market structure and the behavior of the industry supply curve in the short run and the long run. (This lesson is part of a larger unit on Market Structure
THIS DOWNLOAD INCLUDES:
1) Warm Up Activity -- place the 4 market structures from most to least competitive.
2) PowerPoint Presentation -- contains the lecture and is a guide for all activities.
3) Note Sheet -- students fill out this note sheet during the lecture.
4) Class Activity -- students determine whether a market is perfectly competitive or not.
5) Homework -- students analyze short run and long run industry supply graphs and data.
6) Teacher Materials -- includes a detailed lesson plan, answer keys, and a "Read Me" document explaining how to use the materials included.
TOPICS FOR THE LECTURE:
1) In perfect competition all firms are price takers
2) Perfect competition has numerous sellers and standardized products
3) It also has free entry and exit, perfect information, and no long-run economic profit
4) Short run industry supply curve
5) Long run industry supply curve
(If you would like to download one of my PowerPoint slideshows to get a feel for my style, check out my free download here
This lesson is the first day of a seven-day unit on Market Structure
that was designed using national standards from the Council for Economic Education. It is designed to be the introductory day for this unit, meaning it takes about 60 minutes, but the lesson can easily be extended to 80 or 90 minutes.
Perfect Competition - Lesson Plan and Activities
by Nick Samsal
is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License