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Section 1.2 Pg. 6

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. Entrepreneur Venture Economics Free Enterprise System Profit Market Structure Monopoly

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Section 1.2 Pg. 6

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  1. Section 1.2 Pg. 6

  2. Chapter 1 What is Entrepreneurship? Nick Johnson via Entrepreneurship and Small Business Management

  3. VocabularyComplete in Word Document- Save as Chapter 1 -2 Vocabulary • Entrepreneur • Venture • Economics • Free Enterprise System • Profit • Market Structure • Monopoly • Oligopoly • Goods • Services • Needs • Wants • Factors of Production • Scarcity • Demand • Supply • Equilibrium • GDP (Gross Domestic Product) • Business Cycle

  4. 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 purplequestions 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.

  5. 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”

  6. 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

  7. Factors of Production • See Figure 1.1 on Page 10 and review the 4 factors • Why are all 4 needed? (Find answer)

  8. 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?

  9. Business Cycle • GDP (Gross Domestic Product) • Federal Reserve • Controls • Bank loans • Interest Rates • Review “What Entrepreneurs Contribute” on page 15

  10. Section 1.2 Pg. 17

  11. 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 The entrepreneur does this this and this..

  12. 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

  13. Chapter 2

  14. Vocabulary Add to the other vocabulary • Competition • Investment • Capital • Foundation Skills

  15. 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

  16. 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

  17. 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

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