Section 1 2 Pg 6 Chapter 1

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 Oligopoly Goods Services 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 v. 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 1 2 The entrepreneur does this and this. . The Entrepreneurship 3 4

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 • • 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