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

Intro to 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

Intro to Entrepreneurial Economics

PBL Presentations

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

1. Activator - Concept Cars
1. What goes in to making these cars?
2. Can you categorize these resources?
2. Introduction to Factors of Production
1. Handout
2. Collaborative Analysis
3. 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)

Project Based Learning

The Imagination Land Money Giveaway has just announced that you and your team have collectively won an unspecified sum of money.

It sounds legit....so CONGRATULATIONS!!!

You must agree to use the funds to create a business within your community.  You may wonder...what are we supposed to create?

It is completely up to your group.  Its almost that easy.  There are only a few additional requirements which are listed as follows:

1. Describe the business (Purpose, Type of Business, Consumer Needs Being Satisfied)
2. Picture of how the business will operate
3. Describes in detail the Factors of Production needed to operate
4. List of proposed resources to be used including
1. Volume/Amount Needed
2. Cost (Fixed/Variable)
3. Place an asterisk (*) next to each ESSENTIAL resource
5. How many products will you need to sell in order to breakeven?

Please prepare a short (3 minute) presentation to explain your business to the TRIBE TANK

Questions you should ponder include:

1. What is unique about your product?
2. What does it cost to produce?  At what price can it be sold?
3. How much debt do you have?
4. How will you distribute your product?
5. How many competitors exist?
6. How will you best reach your customers?

Connect to the 5 W's of quality writing

1. Who?
2. What?
3. Where?
4. When?
5. Why?

Mr. Hill's Notes

Retrieval, Analyze, Synthesis, & Evaluation