Unit 2: Lesson 7 - A Silver Market Students participate in a simulation activity that shows how a competitive market works. Although most markets for goods and services are not as competitive as the silver commodity market, the example helps students gain an understanding of how prices are set in any market. Concepts: - Choice
- Competition
- Demand
- Incentive
- Markets
- Supply
- Consumer Surplus
- Producer Surplus
- Consume
Standards: - Standard #4: Incentives
- Standard #7: Markets and Prices
 Unit 4: Lesson 20 - Why Helping Yourself Helps Others Students examine and discuss visuals to identify an economic mystery regarding greed and self-interest. They use economic reasoning to analyze the mystery and reach a tentative explanation. Concepts: - Choice
- Competition
- Incentive
- Opportunity Cost
- Market Economy
- Future Consequences
- Voluntary Trade
Standards: - Standard #2: Decision Making
- Standard #3: Allocation
- Standard #4: Incentives
- Standard #8: Role of Prices
- Standard #9: Competition and Market Structure
- Standard #15: Economic Growth
Unit 4: Lesson 22 - How Competitive Is the Industry? Using a local example, students discuss the benefits of competition. In small groups they read descriptions of the markets for cucumbers, haircuts, cereal, and diamonds (prior to 2000). They use this information to fill in a chart that summarizes characteristics of competition, monopolistic competition, oligopoly and monopoly. Concepts: - Competition
- Non-price Competition
- Barriers to Entry
- Collusion
- Concentration Ratio
- Monopoly
- Monopolistic Competition
- Oligopoly
Standards: - Standard #9: Competition and Market Structure
Unit 5: Lesson 27 - The Economics of Special Interest Groups Students learn about the diverse nature of special interest groups and read examples that show how incentives influence the actions of elected officials. Concepts: - Competition
- Incentive
- Interest
Standards: - Standard #17: Government Failure
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