Transcript What is Entrepreneurship?

Section 1.2
Pg. 6
Chapter 1
What is
Entrepreneurship?
Nick Johnson
via Entrepreneurship and Small Business Management
Vocabulary
Complete in Word Document-Save as Chapter 1 -2 Vocabulary
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Entrepreneur
Venture
Economics
Free Enterprise System
Profit
Market Structure
Monopoly
Oligopoly
Goods
Services
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Needs
Wants
Factors of Production
Scarcity
Demand
Supply
Equilibrium
GDP (Gross Domestic
Product)
• Business Cycle
Economic Systems
• Using resources to fulfill wants
• 4 Questions
• (look at page 7 and review these questions and type them in a
Word Document)
All purple questions must be answered in a word document. Copy
and paste the question and then answer it specifically. Chapter work
will be turned in as directed.
Free Enterprise System
• People can choose:
• Products to buy
• Own private property
• Start a business and compete with other businesses
Also known as “Capitalism or Market Economy”
Market Structures
• Perfect Competition
• Doesn’t last, why? (find answer, add to document)
• Monopolistic Competition
• Good opportunity? (find answer, etc.)
• Monopoly
• A lot of times illegal, why? (find answer, etc.)
• Oligopoly
• Car companies
Factors of Production
• See Figure 1.1 on Page 10 and review the 4 factors
• Why are all 4 needed? (Find answer)
Supply and Demand
• Control price
• Review “Supply and Demand theory” on page 11
• Why would someone price a product high? (find answer, be
descriptive)
• Why would someone price a product low? (find answer, be
descriptive)
• Equilibrium – Good or Bad?
Business Cycle
• GDP (Gross Domestic Product)
• Federal Reserve
• Controls
• Bank loans
• Interest Rates
• Review “What Entrepreneurs Contribute” on page 15
Section 1.2
Pg. 17
Entrepreneurial Process
• Draw the chart as instructed on page 17 in the yellow box.
• Fill in the chart as you review PPT and scan chapter
• Write a few details from the paragraph reading to the side of
the box
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The entrepreneur does
this this and this..
The
Entrepreneur
Entrepreneurship
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Review and Activities
• On same sheet you just designed your Graphic Organizer do
the following:
• Key Concept Review: #2, #5, #9
• Critical Thinking: #11, #12, #14
Turn that sheet into the box for a daily grade,
label it Chapter 1 Activities
Chapter 2
Vocabulary
Add to the other vocabulary
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Competition
Investment
Capital
Foundation Skills
Risk/Reward
• Create the chart on page 28 (Risk/Reward) and jot down
notes as your read (Insert, Shape)
• Answer “Key Concept Review” (pg. 31) #1- #3
Entrepreneur Research
• 47% of Entrepreneurs under 35
• 16% under 25
• 40% - High school education or below
• 33% - Completed college degree
• 62% - Family history of owning a business
Characteristics/Skills
• Review Characteristics (pg. 34)
• Choose 4 that you think you are pretty good at, list them and
how you use those already
• Choose 2 that you really need to work on, list how you can
improve them
• Review Skills (pg. 35)
• Do the same as above, 4 good, 2 improvements
• Print and Turn in all chapter 1-2 activities into period box