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Idea Transcript
Movie Guide: Tucker: A Man and His Dream
Name: ____________________
Directions: Complete the movie guide as you watch the movie. 1) Describe Preston Tucker.
2) Complete the following chart using your notes. MARKET Number of STRUCTURE Firms in Industry (one, few, many)
Similar, Identical, Unique or Different Products
Ability to Control Prices (yes or no)
Ease of Entering the Industry (barriers of entry) (easy or difficult)
Existence Examples of Non(list three Price examples) Competition (yes or no)
Oligopoly
3) Identify three barriers of entry/obstacles Tucker encounters as he tries to start up his car company (remember…it is difficult to enter into an oligopoly). a. b. c. 4)
a) Define product differentiation. b) Identify FIVE features of Tucker’s car that made it different than other cars. 1. 2. 3. 4. 5.
5) Why did the Big 3 feel threatened by Tucker’s car (think about it…if his car became popular with consumers, what would it force the Big 3 to do)?
6) The car industry is an oligopoly. Car dealerships are monopolistic competitors. Identify three ways that car dealerships focus on NONPRICE competition (compete for consumer’s business). a. b. c. 7) In 2012, at a car auction in the United States, a 1948 Tucker Torpedo received a bid for $2.65 million. Only 51 Tucker cars were produced with only 47 surviving. Draw a supply and demand curve depicting an increased demand (tastes/preferences) for the Tucker car (hold supply constant). For more information about this auction, go to http://www.foxnews.com/leisure/2012/01/22/265-million-tucker-leads-parade-six-figure-carsat-barrett-jackson-auction/
Movie Guide: Tucker: A Man and His Dream
Name: ____________________
1) Describe Preston Tucker. Innovator, entrepreneur, dreamer, takes risks 2) Complete the following chart using your notes. MARKET Number STRUCTURE of Firms in Industry (one, few, many)
Similar, Identical, Unique or Different Products
Ability to Control Prices (yes or no)
Oligopoly
Similar (oil) or different (cars)
yes
few
Ease of Entering the Industry (barriers of entry) (easy or difficult) Very difficult
Existence of Non-Price Competition (yes or no)
Examples (list three examples)
Product Cars differentiation Oil cereal
3) Identify three barriers of entry/obstacles Tucker encounters as he tries to start up his car company (remember…it is difficult to enter into an oligopoly). There are many but here are a
few
a. Big 3 made steel very expensive…difficult for him to get b. trying to get government approval for building c. false accusations 4) a) Define product differentiation. Companies making products different (in order to compete) b) Identify FIVE features of Tucker’s car that made it different than other cars. 1. different colors 2. rear motor 3. trunk under hood 4. seat belts 5. headlights turn with car
5) Why did the Big 3 feel threatened by Tucker’s car (think about it…if his car became popular with consumers, what would it force the Big 3 to do)? Would force them to innovate in order to compete (would have to spend billions, as quoted in the movie, to differentiate their cars) 6) The car industry is an oligopoly. Car dealerships are monopolistic competitors. Identify three ways that car dealerships focus on NONPRICE competition (compete for consumer’s business). There are many but here are a few a. rebates b. better warranties c. costumer service 7) In 2012, at a car auction in the United States, a 1948 Tucker Torpedo received a bid for $2.65 million. Only 51 Tucker cars were produced with only 47 surviving. Draw a supply and demand curve depicting an increased demand (tastes/preferences) for the Tucker car (hold supply constant). price S