why do we need entrepreneurs

Why Do WeNeed Entrepreneurs?Voluntary National Content Standards in Economics, Standard 14 EntrepreneurshipCommon Core State Standards Initiative ELA, Standards for Reading Informative Text, Writing, and Speaking & Listening

Frayer Model - Innovation

• In groups of 3-4 complete the Frayer Model (5 Minutes)• Have a class discussion about responses

Innovation• What innovation has

most impacted your life? Explain• Think - 1 Minute• Pair - 2 Minutes• Share - 2 Minutes

Innovations

Innovations

Innovations

Innovations

Innovations

Innovations

Brooklyn Brownstone• Make a prediction

about the reason for this type of architecture in cities like New York, Chicago, and Detroit in the late 1800s and give a specific example to support your prediction. • (focus on the elevated 1st

floor)• Write down your

prediction and evidence

• What are your predictions? (Don’t give feedback)

Commercializationof Innovation

Revisit - Brooklyn Brownstone• Affirm or Revise your

prediction• Use evidence from the

commercial

• Class Discussion• Who is the

author/creator of this piece of media? What type of media is it?• ***check for common

core questions about author, perspective, etc***

• What organizational structure did this author use? How do you know?• What problems were

described in this commercial?• What solutions were

described in this commercial?• What examples of

innovation did you see in this commercial? What is the economic impact of the innovations that you saw?HW - Assign Section From Superfreakonomics

Age of Industry - Robber Barons or Entrepreneurs? • Innovation during the

Industrial Revolution• Read the 1st section in

Chapter 15 (page 142-143)• Write down what you

think the central ideas are in this first section

Age of Industry - Robber Barons or Entrepreneurs?

• Innovation during the Industrial Revolution• Watch the video

clip• Write down the

central ideas of the video

Age of Industry - Robber Barons or Entrepreneurs? • What are the central ideas of

these two sources?• What are some similarities

between the two sources?• What are some differences

between the two sources?• Why might the author have

included (or left out) information from these sources?

Captain of Industry• Based upon your knowledge,

what was Henry Ford’s greatest innovation? Explain.• Think – 1 Minute• Pair – 1 Minute• Write (independently) – 2

Minutes

• Read in Economic Episodes in American History• Chapter 15 Sections

• “The Economies of Scale”• “Why did Ford double the wages

of his employees in 1914”• Table 1

Henry Ford

• Now revisit your answer from above and use evidence from the sections you just read to support your answer or to support why you may have changed your answer.

Captain of Industry• Class Discussion – Most

important innovation• Assembly Line• Interchangeable parts• Efficiency Wages

• Economic Impact• What was Ford able to do

based upon Table 1?

Charts, Tables, and Graphs

• Use the data in Table 1 and Figure 1 to talk about the innovation in these two markets. What can be inferred?

Charts, Tables, and Graphs

• View the data in Table 2 and Figure 2• What might the data tell us?• How might it relate to the innovation that came about

during the Age of Industry?

Modern Innovation

You are going to watch a short video clip about a current innovation

Modern Innovation

• Group Discussion• What problem(s) were

discussed in the video?• What solution(s) were

presented?• How did innovation help

solve the problem(s)?• What is the economic

impact of this innovation?

Becoming an Entrepreneur

• Groups of 2-4 students• Think of a current problem and an innovation

that could potentially solve the problem. (time given will vary based upon class constraints)• The group will give an oral presentation (2-3

minutes)• The problem• The innovation• The economic impact of the innovation

The Role of Entrepreneurs and Innovation and their Economic Impact

The Role of Entrepreneurs and Innovation and their Economic Impact• Create an argument (oral or written)

that answers the question “Why do we need entrepreneurs?”

• The students will be expected to use evidence from multiple sources in preparing their argument.

• The students have access to all of the sources previously used in this lesson as well as access to additional sources.

• Students should be encouraged to use at least three additional sources in constructing their arguments.

• The final argument should take the form of either a 3-5 minute oral presentation or a 2-3 page paper.