Chapter 9 Quiz or Assignment?

You choose!
Either do page 214 Q. 8 and hand in by Wednesday, November 30 at 10:30 AM or write the quiz.

CBC interactive unemployment chart

CBC interactive unemployment chart

Venezuela - highest inflation rate in the world

Click here to view BBC documentary

Despite their vast oil reserves, Venezuela is experiencing a political and economic crisis.

OPTIONAL Reflection to do and hand in:
1.  Describe 3 of the problems the country faces. (9 marks)
2.  What are the effects of high inflation on a country?

What are Market Structures?

How is the market for a good or service structured?  See p. 153 for a good overview.

Perfect Competition and Monopolistic Competition
- competitive
- there many small players who are price takers

Oligolpoly and Monopoly
- a few (or one!) large dominant players
- the firms are price makers

Types of Business Ownership

This is found in Chapter 6 of the textbook.
Read p. 120 - 130.
Do p. 123 q. 1 (Check your Understanding), p. 128 q. 1, p. 133 Q. 1

Be sure to know the advantages and disadvantages to the following types of business ownership:

• Sole proprietorship
• Partnership
• Corporation

Other topics covered:  primary, secondary, and tertiary industries, horizontal and vertical integration.


Refer to list of terms given in class.

What is elasticity of supply?

Elasticity of supply refers to the change in quantity supplied in response to a change in price.

Firms who produce products with elastic supply can increase or decrease their production levels quickly and easily.  Examples are telemarketing firms or candy companies.

Firms who produce products with inelastic supply cannot change their quantity supplied quickly.  Examples are perishable goods.