Lesson 7: Entrepreneurship and Economics
Duration of Days: 2
Lesson Objective
Students will gain an understanding of economics and become familiar with common economic terminology.
What is the definition of economics?
Why is the study of economics important to our daily lives?
What is scarcity and how does it affect economic decisions?
How do individuals and societies make choices when resources are limited?
economic, macroeconomics, microeconomics, goods, services, supply, demand, scarcity, surplus, shortage, price elasticity, markets, ethics, code of ethics, business cycle, monopoly, oligopoly
HS.CTE.2C - 2C. Apply a solution using evidence and reasoning
POG:
I am a LEARNER: Master fundamental skills in core subject areas
I am a THINKER: Critical thinking, independent thinking
Evidence-based reading and writing sections that require analyzing arguments and identifying logical flaws.
SAT Math sections that require logical reasoning and the ability to solve complex problems.
Purpose: to have the students understand how economics affects business and in turn our daily lives. Be able to understand scarcity and how it affects price and the choices individuals have to make. The students complete an activity on supply and demand:
DOK 1: Define the following terms: economic, macroeconomics, microeconomics, goods, services, supply, demand, scarcity, surplus, shortage, price elasticity, markets, ethics, code of ethics, business cycle, monopoly, oligopoly
DOK 4: Supply Demand Activity questions:
At what price will you sell no sweaters? That is, what price is higher than anyone would pay?
For what price would you bring in the most total revenue?
Economics like supply and demand do directly impact students' lives by impacting the cost of items or services.
Misconception: Students often think that economics is solely about making money, managing businesses, or studying stock markets.
Reality: Economics is a broad field that explores how people make choices with limited resources, covering areas like healthcare, education, public policy, and environmental issue
Modeling, one on one instruction, Google classroom or Moodle. Online instructional tools, videos, real world application of information, textbook, online or paper assignments, Spanish version available for ELL students
Guided Notes, worksheet, skill development exercise, application of lesson reflection, exit ticket. Supply Demand activity
Entrepreneurship, 6th edition, online/paper edition. Online working papers (MindTap), class notes, Do Now, Exit Tickets, case studies, Make Academic Connections: Math, supply demand activity