MLS Economics, Class June 30

 Class Objective: Discuss the meaning of "monopolies" and describing if these are good or not.

*The speaker mentioned monopolies in the audio introduction.  If you are unfamiliar with the term, a monopoly refers to a business that has no competition in its industry.  In other words, there is one business that controls that specific industry, and there are no other businesses attempting to rival this.

Warm-up discussion:

1. Can you think of examples of monopolies in different industries?  What are they?

2. Do you think monopolies are good things, or do you believe that in business there should be competition?  

Class Assignment: What kind of business would you like to run?  Imagine you are an entrepreneur and you are starting a business.  What industry will it be in?  What will your market be?  What will attract people to your business?   Who will your competition be?  How will you be better than them?  Or, do you think your business will be a monopoly?  

Vocabulary: 

1.       Autarky = economic independence/self-sufficiency

 

2.      To be stuck with something = something you can’t get rid of even if you want to

 

(I really hate my spouse, but I am stick with him/her, so what can I do?)

 

3.      Privilege = If your family is royalty, very often it’s a life of privilege

 

4.      Exclusive = a place or thing that is specifically for someone or something

 

(VIP boxes are exclusive to celebrities).

 

5.      Manipulate = to control someone’s thoughts or ideas/to make someone do what you want them to do

 

6.      De facto = unofficial but true

*In many people’s opinions, MBS is the de facto leader of Saudi Arabia. 

 

7.      Laughable = something you thought was funny

 

8.      Planned obsolescence = a company’s policy of making something go bad eventually so you buy a new one

 

9.      Complacent = satisfied and not trying to get better

 

 

Discussion questions:

1.      Do you ever get complacent?  Is there something you should try and improve, but you are happy the way it is?

2.      What do you think is laughable?

3.      How do you manipulate people?  How do people try and manipulate you? 

4.      What are exclusive places you know?

5.      What is something you are stuck with?