Economics storyboard

Slide: 1
That's okay we can still open our own and make it unique!
Downtown already has so many coffee shops at every corner!
In a busy street filled with businesses and coffee shops, Mia and Ava decide to form a partnership. In a partnership both (can be more than two partners) individuals are owners, share profits and responsibilities.
Slide: 2
Welcome to our coffee shop, Brewed Together! The coffee shop industry serves as an example of monopolistic competition. Some characteristics of monopolistic competition are many sellers, similar products sold but slight differences throughout the business, and easy for businesses to enter the martket. For example, there are many coffee shops downtown and they sell similar products but each shop is different.
Yes but we will add our own twist by making our own coffee syrups and having live music.
So we will sell coffee like everyone else?
Slide: 3
A new coffee shop has opened across the street and has lower prices. In monopolistic competition, businesses compete against each other by making their own products slightly different from their competitors. Business may have different branding, atmosphere, and qualities. Due to competition amongst businesses, if a business lowers their prices the demand from competitors will decrease.
Oh no! If we keep selling our lattes $7 we might lose our customers to the shop across the street.
The new coffee shop across the street sells their lattes for $5!

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