Section 1.2 Pg. 6

What is Entrepreneurship? Chapter 1 What is Entrepreneurship? Nick Johnson via Entrepreneurship and Small Business Management

Vocabulary Complete in Word Document- Save as Chapter 1 -2 Vocabulary Entrepreneur Venture Economics Free Enterprise System Profit Market Structure Monopoly Oligopoly Goods Services Needs Wants Factors of Production Scarcity Demand Supply Equilibrium GDP (Gross Domestic Product) Business Cycle

Economic Systems Using resources to fulfill wants 4 Questions (look at page 7 and review these questions and type them in a Word Document) All purple questions must be answered in a word document. Copy and paste the question and then answer it specifically. Chapter work will be turned in as directed.

Free Enterprise System People can choose: Products to buy Own private property Start a business and compete with other businesses Also known as “Capitalism or Market Economy”

Market Structures Perfect Competition Monopolistic Competition Doesn’t last, why? (find answer, add to document) Monopolistic Competition Good opportunity? (find answer, etc.) Monopoly A lot of times illegal, why? (find answer, etc.) Oligopoly Car companies

Factors of Production See Figure 1.1 on Page 10 and review the 4 factors Why are all 4 needed? (Find answer)

Supply and Demand Control price Review “Supply and Demand theory” on page 11 Why would someone price a product high? (find answer, be descriptive) Why would someone price a product low? (find answer, be descriptive) Equilibrium – Good or Bad?

Business Cycle GDP (Gross Domestic Product) Federal Reserve Controls Bank loans Interest Rates Review “What Entrepreneurs Contribute” on page 15

Section 1.2 Pg. 17

Entrepreneurial Process Draw the chart as instructed on page 17 in the yellow box. Fill in the chart as you review PPT and scan chapter Write a few details from the paragraph reading to the side of the box Entrepreneurship 1 2 3 4 The Entrepreneur The entrepreneur does this this and this..

Review and Activities On same sheet you just designed your Graphic Organizer do the following: Key Concept Review: #2, #5, #9 Critical Thinking: #11, #12, #14 Turn that sheet into the box for a daily grade, label it Chapter 1 Activities

Chapter 2

Vocabulary Competition Investment Capital Foundation Skills Add to the other vocabulary Competition Investment Capital Foundation Skills

Risk/Reward Create the chart on page 28 (Risk/Reward) and jot down notes as your read (Insert, Shape) Answer “Key Concept Review” (pg. 31) #1- #3

Entrepreneur Research 47% of Entrepreneurs under 35 16% under 25 40% - High school education or below 33% - Completed college degree 62% - Family history of owning a business

Characteristics/Skills Review Characteristics (pg. 34) Choose 4 that you think you are pretty good at, list them and how you use those already Choose 2 that you really need to work on, list how you can improve them Review Skills (pg. 35) Do the same as above, 4 good, 2 improvements Print and Turn in all chapter 1-2 activities into period box