Explain how the cost of production affects the total profit of an entrepreneurship.
Who wants to be a millionaire? How would you go about becoming a millionaire? (Win the lottery; get a great job, etc.) Today we're going to learn one way people can become millionaires, and you can do it too! It has to do with becoming an entrepreneur. Entrepreneurs use their skills and initiative to launch new business ventures. Their goal, usually, is to earn a profit. They are often risk-takers-- people who see opportunity when others do not. Let's see exactly what it takes to become a profitable entrepreneur.
Everyday countries trade their goods because they have the comparative advantage in making that particular good. In this lesson, you will read through an interactive story problem to learn about trade and specialization and the outcomes they have on the world.
After a review of elementary economic concepts, students will apply their understanding by playing an online computer game, Lemonade Stand. This game has the students competing against themselves and others to earn the biggest profit in 25 days time (approximately 15 minutes computer time). "Daily" economic advice helps students find out where they fail in understanding the demand and supply sides of economics. Fun!
In this activity, students participate in an experiment to determine if color affects taste. Students are divided into two groups, one of which will rate the taste of regular lemonade while the other rates the taste of lemonade that has been dyed another color. After rating the drinks students will construct pie charts of the results and compare them to determine if the color of the drink had an impact on the perceived taste. Teachers should confirm the conditions whereby the school's food safety policies will permit distributing food to students.
Everyone has at one time or another opened a lemonade or Kool-Aid Stand. What a great place to begin an economics lesson. Students can taste test three brands of lemonade and compare prices with taste – is the most expensive the best? Using a reader’s theater students will construct a supply and demand schedule and can create a bar or line graph to demonstrate market interaction between buyers and sellers.