The Profit Equation

EQ - How is price determined so an entrepreneur can make a profit?

1. Activator - Pricing Strategy
2. Key Concept Check-in
1. Supply and Demand Quiz Review
3. The Profit Equation *PPT
1. Revenue
2. Expenses (Fixed/Variable)
4. Calculating Profit
5. The Supply and Demand Connection
6. Try It - Develop a Profit Equation
7. Making Connections
1. Answer all 3 LEQ's
2. Use your answers to explain how economic decisions are made.
8. Revisiting the Activator
1. TodaysMeet

Supply and Demand

EQ - How do supply and demand impact pricing strategies for entrepreneurs?

1. Activator: The Hudsucker Proxy (video)
1. Why does a business owner lower the prices of the products that they are not selling quickly?
2. When would a business owner have to raise prices?
3. What does a price increase communicate to customers about the product?
2. Supply and Demand - econedlink (Ice Cream Cones)
1. Law of Demand
1. Demand Schedule
2. Charting Demand
2. Law of Supply
1. Supply Schedule
2. Charting Supply
3. AP – How did the Hula Hoop scene indicated the Law of Demand - econedlink
4. Debriefing
5. Muddy Point Questionnaire – What makes sense?  What doesn’t?
6. Similarities between the Hula Hoop and Silly Bands
7. Silly Bands - Case Study
1. Background on Silly Bandz (USA Today)
2. The End of a Trend (USA Today)
8. AP - What could the producers of Silly Bandz do in order to provide more of their product to their customers?
9. TOD – Supply and Demand, Lessons from Toy Fads

Entrepreneurial Economics

 EQ - How do supply and demand impact pricing strategies for entrepreneurs?

1. Activator - Think About It (TPS)
1. What role do needs and wants play in determining what is produced in an economy?
2. Think of something that you would describe as a "need" but your parents would describe as a "want."  Provide reasons to support both sides of the argument.
3. How does the availability of economic resources affect decisions that entrepreneurs make?
2. Interactive Activity: Supply and Demand Activity
1. Focus on the decisions you are making - transcribe your thought processes.
2. Vocabulary Review - Opportunity Cost and Scarcity 
3. TPS - Describe the impact opportunity cost and scarcity had on your success.
4. TOD - Muddy Points
5. Intro to the S & D curves
1. Demand 
2. Supply
3. Equilibrium
4. Surplus v. Deficit

Entrepreneurial Economics

PBL Presentations

EQ - How do the factors of production impact business decisions?

1. The Role of Businesses & Entrepreneurs
2. Introduction to Factors of Production
3. Project Based Learning Business Breakdown
1. Define your local business
2. What need/want does this business fill?
3. What resources are used to fill this need/want?
4. Classify these resources by type of factors of production
4. TOD
1. What role do needs and wants play in determining what is produced in an economy?
2. Think of something the you would describe as a "need" but your parents/guardians would describe as a "want."  Provide reasons to support both sides of the argument.
3. How does the availability of resources affect decisions that entrepreneurs make?

 EQ - How do supply and demand impact pricing strategies for entrepreneurs?

1. Activator: Supply and Demand Game
2. Vocabulary Review - Opportunity Cost and Scarcity 
3. TPS - Focus on Economics (p. 49)
4. Intro to the S & D curves
1. Demand 
2. Supply
3. Equilibrium
4. Surplus v. Deficit
5. Knowledge Check (Question #1 p. 54)

Advantages and Disadvantages of Entrepreneurship

EQ - How are the four major types of business differentiated?

1. Activator - Business Collage
1. Each student lists a business/company on the board
2. Small Groups - Organize the list items into categories
3. Discussion - What made you choose this system of organization?
2. Introduction to the 4 main types of businesses
3. AP - Classify the businesses into these 4 categories.
4. Discussion

EQ - Is entrepreneurship right for me?

1. Activator - The Downside*
2. Class Discussion
1. AP - Considering the risks associated with entrepreneurship, why do so many people consider opening their own business?
3. Homework Review - CP
1. What characteristics of successful entrepreneurs do you possess?
2. Provide the evidence that supports this.
3. How can these characteristics allow you to capitalize on the advantages of entrepreneurship?
4. TOD - Is entrepreneurship right for you?  Why or why not?

1. Unit Exam Prep (exam next class)

Investigating Young Treps

EQ - How do my character traits compare to those of a successful entrepreneur?

1. Activator - Splashdown  (Characteristics of Successful Entrepreneurs)
2. Young Entrepreneur Investigation
1. Young Entrepreneur Stories - Complete the Assignment
2. List the traits and aptitudes that have contributed to his/her success (You should search beyond Inc.com)
3. Create a list of advantages and disadvantages to becoming an entrepreneur based on this Trep's story.
4. Create a brief overview of this Trep to present to the class.
3. Presentation of Entrepreneurs
4. AP - Quiz

EQ - Is entrepreneurship right for me?

1. Activator - The Downside*
2. Class Discussion
1. AP - Considering the risks associated with entrepreneurship, why do so many people consider opening their own business?
3. Homework Review - CP
1. What characteristics of successful entrepreneurs do you possess?
2. Provide the evidence that supports this.
3. How can these characteristics allow you to capitalize on the advantages of entrepreneurship?
4. TOD - Is entrepreneurship right for you?  Why or why not?
5. Unit Exam Prep (exam next class)