1. Welcome to Entrepreneurship Class
Mrs. Rossi

2. Requirements of the class
One subject notebook with file pockets
Medium Sized Poster board (will give you one weeks notice)
Pen or pencil for every class
Willingness to participate!
Great attitude!

3. Google Classroom Add Entrepreneurship in Google Classroom
Class code is 2oeznso
Add the following folders in your student drive
Entrepreneurship (Main Folder)
Business Plan Portfolio
Case Studies
Personal Potential Project
Classwork
Internet Research

4. Classroom Structure
DoNow: Take handout from the front of the classroom. Read the article at and take the entrepreneur quiz. Record your scores in google classroom. Its more important to be honest then to get a high score.
Lesson: What is an entrepreneur?
Assignment: Open Microsoft Word – Write down 10 different traits a successful entrepreneur processes

5. Getting to Know your Classmates
Take a BINGO sheet
Can only have the same person sign once
Yell BINGO when you have 5 in a row
ENJOY!!

6. Entrepreneur
DoNow: Login to computer and google classroom. Read the article at and take the entrepreneur quiz. Record your scores in google classroom. Its more important to be honest then to get a high score. As you are taking the quiz write in your notebook the characteristics of an entrepreneur
Lesson: Explanation of entrepreneurship and the economy?
Assignment: Google Classroom: Famous Entrepreneur
Homework: Read pgs What do Entrepreneurs contribute to society? In your own words (hint read pg 15)

7. What Is Entrepreneurship?
Chapter 1
What Is Entrepreneurship?
Entrepreneurship and the Economy
1.1
1.2
The Entrepreneurial Process

8. Describe economic systems.
1.1
Discuss the role of small business and entrepreneurship in the economy.
Describe economic systems.
Explain how economics is about making choices.
Discuss the role of economic indicators and business cycles.
Describe what entrepreneurs contribute to the economy.
Section 1.1 Entrepreneurship and the Economy

9. Entrepreneurship is the primary catalyst for economic growth.
1.1
Entrepreneurship is the primary catalyst for economic growth.
To be a successful entrepreneur requires an understanding of how the economy works.
Section 1.1 Entrepreneurship and the Economy

10. 1.1 entrepreneur venture entrepreneurship entrepreneurial economics
free enterprise system
profit
market structure
monopoly
oligopoly
goods
services
need
want
factors of production
scarcity
demand
elastic demand
inelastic demand
diminishing marginal utility
supply
equilibrium
Gross Domestic Product
business cycle
Owner
Section 1.1 Entrepreneurship and the Economy

11. Small Business and Entrepreneurship
As an entrepreneur, you accept the risks and responsibilities of business ownership.
entrepreneur an individual who undertakes the creation, organization, and ownership of a business
Section 1.1 Entrepreneurship and the Economy

12. Small Business and Entrepreneurship
Creating and running a business venture requires a variety of skills.
venture a new business undertaking that involves risk
Section 1.1 Entrepreneurship and the Economy

13. Small Business and Entrepreneurship
Starting a home-based business calls for entrepreneurship on the part of the owner.
entrepreneurship acting like an entrepreneur or having an entrepreneurial mind-set
entrepreneurial the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business
About one in three households is involved in an entrepreneurial enterprise.
Section 1.1 Entrepreneurship and the Economy

14. Entrepreneurship Today
Knowledge of economics contributes to an understanding of how entrepreneurs and customers interact.
economics the study of how people allocate scarce resources to fulfill their unlimited wants
Section 1.1 Entrepreneurship and the Economy

15. Economic Systems
An economic system includes a set of laws, institutions, and activities that guide economic decision making.
Section 1.1 Entrepreneurship and the Economy

16. All economic systems attempt to answer four basic questions.? ?
What goods and services should be produced?
What quantity of goods and services should be produced?
All economic systems attempt to answer four basic questions. ? ?
How should goods and services be produced?
For whom should goods and services be produced?
Section 1.1 Entrepreneurship and the Economy 16

17. The Free Enterprise System
Most democratic nations have a free enterprise system.
free enterprise system an economic system in which people have important rights: to make economic choices of what products to buy; to own private property; and to choose to start a business and complete with other businesses
Section 1.1 Entrepreneurship and the Economy

18. The Free Enterprise System
Making a profit is a primary incentive of free enterprise.
profit money that is left over after all expenses of running a business have been deducted from the income
Section 1.1 Entrepreneurship and the Economy

19. The Free Enterprise System
Perfect competition is a market structure in which there are numerous buyers and sellers and no single buyer or seller can affect price.
market structure the nature and degree of competition among businesses operating in the same industry; market structure affects market price
Section 1.1 Entrepreneurship and the Economy

20. The Free Enterprise System
The government may grant a temporary monopoly to an inventor.
monopoly a market structure in which a particular commodity has only one seller
Section 1.1 Entrepreneurship and the Economy

21. The Free Enterprise System
Under antitrust laws, some forms of oligopoly are illegal.
oligopoly a market structure in which there are just a few competing firms
Section 1.1 Entrepreneurship and the Economy

22. basic concepts of economics
goods and services
factors of production
basic concepts of economics
scarcity
supply and demand theory
Section 1.1 Entrepreneurship and the Economy 22

23. Goods and Services
Goods and services are the products of our economic system.
goods tangible (or physical) products of our economic system that satisfy consumers’ wants and needs
services intangible (nonphysical) products that satisfy consumers’ wants and needs
Section 1.1 Entrepreneurship and the Economy

24. Goods and Services
Entrepreneurs respond to consumers’ wants and needs with goods and services.
want something that you do not have to have for survival, but would like to have
need a basic requirement for survival
Section 1.1 Entrepreneurship and the Economy

25. Factors of Production
DoNOW: Sign into computer and google classroom. Can you think of a product that if the price of the product changed it would have little or no effect on the quantity demanded?
Lesson: Factors of Production and supply & demand
Activity: You may work with a partner. Page 7 workbook if finished page 3 & 4. If you complete activity, you may work on homework or Famous entrepreneur project

26. Factors of Production There are four basic factors of production: land
factors of production the resources businesses use to produce the goods and services that people want
land
labor
entrepreneurship
capital
Section 1.1 Entrepreneurship and the Economy

27. Scarcity
The principle of scarcity means giving up one thing in order to have something else.
scarcity the difference between demand and supply; limited resources
Section 1.1 Entrepreneurship and the Economy

28. Supply and Demand
DoNOW: Sign into computer and google classroom. From our Factors of production lesson, name two factors for land, labor, capital and entrepreneurship for a McDonalds. You may work with your table partner.
Lesson: Supply and Demand
Activity: You may work with a partner. Pages 8-10 in workbook. If you complete activity, you may work on homework or Famous entrepreneur project.
***Quiz Tuesday, September 20, 2016***

29. Supply and Demand Theory
In a free enterprise system, the price of a product is determined by demand.
demand the quantity of goods or services that consumer are willing and able to buy at various prices
Section 1.1 Entrepreneurship and the Economy

30. Supply and Demand Theory
The degree to which demand for a product is affected by its price is either governed by elastic demand or inelastic demand.
elastic demand situations in which a change in price creates a change in demand
inelastic demand situations in which a change in price has little or no effect on demand for products
Section 1.1 Entrepreneurship and the Economy

31. Supply and Demand Theory
Due to the law of diminishing marginal utility, even when a product’s price is low, people will not keep buying it indefinitely.
diminishing marginal utility the effect or law that establishes that price alone does not determine demand, and other factors, such as income, taste, and the amount of product already owned, play a role as well
Section 1.1 Entrepreneurship and the Economy

32. Supply and Demand Theory
Supply is continually shifting in the marketplace.
supply the amount of goods or services that producers are willing to provide
Section 1.1 Entrepreneurship and the Economy

33. Supply and Demand Theory
If something is in heavy demand, but in short supply, prices will go up.
If something is in heavy supply, but in short demand, prices will go down.
Section 1.1 Entrepreneurship and the Economy

34. Supply and Demand Theory
Because supply and demand are continually shifting in the marketplace, the change creates surpluses, shortages, and equilibrium.
equilibrium the point at which consumers buy all of a product that is supplied; at this point, there is neither a surplus nor a shortage
Section 1.1 Entrepreneurship and the Economy

35. Economic Indicators and Business Cycles
The federal government publishes statistics that help entrepreneurs understand the economy and predict possible changes.
Gross Domestic Product the total market values of goods and services produced by workers and capital within a nation during a given period
The Gross Domestic Product is an example of an economic indicator.
Section 1.1 Entrepreneurship and the Economy

36. Economic Indicators and Business Cycles
There are four stages of the business cycle: growth, recession, depression, and recovery.
business cycle the general pattern of expansion and contraction that the economy goes through
Section 1.1 Entrepreneurship and the Economy

37. What Entrepreneurs Contribute
provide venture capital
turn demand into supply
What Entrepreneurs Contribute
create
more wants
provide
jobs
promote
changes in society
Section 1.1 Entrepreneurship and the Economy 37

38. Small Businesses and Entrepreneurial Ventures
The difference between small businesses and entrepreneurial ventures is that owners start small businesses to create jobs for themselves.
Founders of entrepreneurial ventures have a desire to innovate, grow, and create new value.
Section 1.1 Entrepreneurship and the Economy

39. Business Spreadsheets
DoNOW: Sign into computer and google classroom. Determine what the Gross National Product is today?
Lesson: Why would you use spreadsheets in business?
Activity: Complete Franchise Industries Spreadsheet

40. Review
DONow: Sign into computer and google classroom. Sign in to Kahoot.it and fill in code to join our Kahoot quiz.
Complete Study Guide
Complete entrepreneurship Quizlet