Supply and Demand

1. Quiz - Calculating Profit

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?
4. What is the opportunity cost evidenced in the video?
5. How do the events shown in the video impact profitability?
6. What would you do differently?
2. Debriefing
3. 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
4. AP – How did the Hula Hoop scene indicated the Law of Demand - econedlink
5. Muddy Point Questionnaire – What makes sense?  What doesn’t?
6. Article Distribution
1. Review Active Reading Strategies
2. Read for Understanding
3. Reflection Assignment - Schoology

Intro to Supply and Demand

EQ: How does supply and demand impact an entrepreneur's decisions?

1. Activator: As a Group Develop a Profit Equation Problem
1. Create a source of revenue
2. Create a source of costs
2. Trade and Solve
3. Quiz
4. Lunch Break
5. TPS - Intro to Supply and Demand - Crash Course
1. Identify Key Vocabulary
2. Identify Key Ideas Presented
3. What are the most important items (vocabulary and/or ideas) you learned?
6. Collaborative Pairs
1. What does this mean for an entrepreneur?
2. Pair Share
7. TOD - Muddy Points

Resource Acquisition

EQ - How do I find resources at a cost that will allow me to become profitable?

1. Lessons from the Coffee Shop
1. TPS - Key Ideas Learned
2. Calculating Price
1. Review Profit Equation
2. Review Price Equation
3. Try It - Together
3. Finding Resources
1. Collaborative Pairs - Competitive Assignment
2. Who can start a coffee shop for the least amount of capital expenditures.
1. Two Laptop per partnership (1 for research, 1 for Recording)
2. Google Sheets - Recording
4. Prepare to Share
1. Define Your Concept
2. Total Cost of Startup
3. Cost per Unit Sold
4. Price to customers
5. Profit 
6. # of units sold to break even
5. Q&A

Entrepreneurial Economics

EQ - How do entrepreneurs make economic decisions?

1. Activator - Hybrid Model Description (Identify Goals)
2. Direct
1. Introduction to Opportunity Cost
2. Reflection Questions in Schoology
3. Collaborative
1. Factors of Production
2. Evaluate and Sort Activity
4. Independent
1. Profit Equation
2. Word Problem
5. Application of Concepts
1. Collaborative Pairs - Coffee Shop
2. Reflection
1. What factors of production were required to operate a successful coffee shop?
2. Where did you experience opportunity costs during the simulation.  Specifically describe the exact situation.
3. How did you use the profit equation during the simulation to be successful?  

PBL

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?

RESOURCES:

Academic Standards Handout

Classroom Tools - Textbooks, Whiteboards, etc.

Schoology

Chromebooks