• Strand The Market Economy
    Standard 1.1 Individual, Business, and Government Choices Grade Level HS  
         
    1.1.1
     
     
    1.1.2
    GLCE/HSCE
    Scarcity, Choice, Opportunity Costs, and Comparative Advantage – Using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make in the market place and explain how comparative advantage creates gains from trade.
    Entrepreneurship – Identify the risks, returns and other characteristics of entrepreneurship that bear on its attractiveness as a career.
    		  
    Key concepts
    Essential understandings
    (Proceedural or Conceptual)
    Vocabulary 
    - scarcity, choice, opportunity costs, households, business, governments, risk, returns, entrepreneurship
    		 Aligned Assessments
     Students will know
     
    1. How scarcity, choice and opportunity cost affect the circular flow of economics 
    2. The risks, rewards and characteristics or entrepreneurship
    		  
     Students will be able to
    1. Cite evidence that illustrates how scarcity, choice, and opportunity cost impacts the individual
        household, businesses, and government; and assess the comparative advantages of trade
    2. Identify the risks, rewards, and characteristics of entrepreneurship
    		  
    Student-friendly Language Target Assesment
    1. I can cite evidence that illustrates how scarcity, choice and opportunity cost impacts the individual
        household, businesses, and government; and assess the comparative advantages of trade
    2. I can indentify the risks, rewards and characteristics of entrepreneurship
     
     
     
    1. Assessment

    Instructions: You are an entrepreneur and you have come up with this awesome idea for a new product. Your job is to establish a business plan in order for this awesome idea come to life.

    Things you need to do:

    1. Complete the business plan form below

    2. Create an advertisement for this new product (It could be a poster, ad in the paper, etc…)

    Business Plan Form:

    1. What product or service will you provide?
    2. Why are you thinking of starting this company?
    3. Who are your potential customers? (Age, sex, etc...) ?
    4. Where would you locate your company (try to be more specific than just a city)?  
    5. How many workers/managers would you employ? 
    6. What kind of capital is needed for your company?
    7. How much will you charge for your product/service?
    8. Write a general description of your proposed company and how it would work?
    9. What are some expected difficulties that may occur as you get your company started?

    2. Assessment

    If you would start a business, which type of organization would you prefer (Sole Proprietorship, Partner ship or Corporation)? Write 2-3 paragraphs on why you prefer an organizational style and why you wouldn’t want the other two.

     
Last Modified on February 14, 2018