MLS Economics, Vocabulary Review

Class Objective: Use new words in sentences; discuss the importance of market competition 

complacent   de facto   exclusive   laughable   

manipulate   monopoly  privilege   stuck with 

1. The teacher did nothing in class, so one of the students began explaining things to the other students.  This person became the ___________________teacher.

2. The SLAC room is an ____________________room for ELS students.  Other students shouldn't enter.

3. Many children make sad faces to _____________________their parents into doing things for them.

4. In my town, we only have one clothing store.  There are no others.  This store is a _____________________, at least in our town.  

5. I want to travel this summer.  Instead, I am _____________________taking these classes because I need to complete the program by the fall.

6. If you have good connections to get a good job, it is a ______________________.

7. Once the company became successful, the manager became _______________________and didn't develop his ideas any further.  They just kept doing the same thing.

8. The teacher said to pass the class we needed to make a nursery rhyme.  This is _______________________to some students.

Presentation Example:

Good morning.  Today, I am going to introduce my business to you.  I have recently started a business called "Nate and Sara's Posters and Postcards." Do you like to send souvenirs to your friends from the places you visit?  Well, our postcards and posters offer you the opportunity to share something nice from the Philadelphia area with your friends back home.  Sure, you can send them something online like an e-card, but actually something tangible is so much better.  My cards have designs that symbolize different cities here in Pennsylvania.  When you go back to your country, you can share these things with friends and family to show where you went and to help you remember your experience here.  

My competition in a business like this would be companies like Hallmark which have specialized in cards, and at times feels like has a monopoly on this industry.  

I plan to sell my cards online, in-person at places like craft shows and other events, and hopefully eventually in local stores.  Perhaps someday I can even open my own store specifically to sell these products.  

So, my business is to make cards and designs to help people from around the world remember their experiences in Pennsylvania.  I hope you enjoy this business! 

New Vocabulary and Discussion Question:

Stringent= very strict

 (i.e. Mr. Nate has very stringent rules for his class.  If you take out your phone, he takes three points off your participation score immediately.)

Paleontologist = a person studying fossils and bones from old creatures (i.e. dinosaurs) 

herbivore = animal that eats plants 

carnivore = animal that eats meat (other animals) 

omnivore = animal that eats both plants and meat (i.e. humans) 

The be-all and end-all = the most important thing

Innovative = creative; coming up with new ideas

 

Discussion Question:

*Do you think that market competition improves the quality of products?