Course Title:Economics of Business Ownership

Industry Sector: Marketing, Sales & Service

Career Pathway: Entrepreneurship

Competition and the global economy have opened the door for many new businesses, and entrepreneurs are becoming increasingly vital to the economy. Students with a career interest in entrepreneurship learn skills for employment in today’s growth industries as well as skills that are transferable to careers of the future.

Unit:What is Entrepreneurship?

Chapter References:

Chapter 1 What is Entrepreneurship?

Chapter 2 Your Potential as an Entrepreneur

Content/Concepts
  • Small Business & Entrepreneurship
  • Economics Systems
  • Basic Economic Concepts
  • Economic Indicators & Business Cycles
  • What Entrepreneurs Contribute
  • Brief History of Entrepreneurship
  • The Entrepreneurial Start-Up Process
  • New Business Success/Failure
  • Risks & Rewards of Entrepreneurship
  • Your Potential as an Entrepreneur

Student Competencies/Outcomes:
Students will be able to:

Discuss the role of small business and entrepreneurship in the economy.

Describe economic systems.

Explain how economics is about making choices.

Discuss the role of economic indicators and business cycles.

Describe what entrepreneurs contribute to the economy.

Discuss the five components of the entrepreneurial start-up process.

Explain how to achieve business success.

  • Describe the risks/rewards of going into business for yourself
  • Identify the background, characteristics and skills of successful entrepreneurs
  • Explain techniques that will improve potential for becoming an entrepreneur

Standards:
Pathway Standards
B1.0 Students understand the basic aspects of entrepreneurship:
B1.1 Analyze the characteristics of successful entrepreneurs.
B1.4 Know the risk management principles associated with small business ownership.
B5.0 Students understand the key economic concepts that affect small business ownership:
B5.1 Understand the role and importance of entrepreneurship and the small businessin the economy.
B5.2 Understand common ways in which fiscal and monetary policies affect theeconomy (e.g., the availability of money and credit and business decisions).
B5.3 Understand the role of government in the free enterprise system and its impacton small businesses.
B5.4 Understand the relationship between supply and demand and pricing andproduction.
B5.5 Know how scarcity and allocation affect small businesses.
B5.6 Understand the importance of economic measurement and the factors used tocalculate it.