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An Entreduction

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An Entreduction

Grade Levels

3rd Grade, 4th Grade, 5th Grade

Course, Subject

Related Academic Standards
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  • Big Ideas
    All economic systems must answer what, and how, goods and services will be produced, and who will consume those goods and services.
    Individuals and entities endeavor to obtain goods and services and to accumulate wealth.
    Limited resources and unlimited wants require choices by individuals, groups, and nations.
  • Concepts
    An interest rate is a price of money that is borrowed or saved.
    Because productive resources are limited, people cannot have all the goods and services they want, so they must choose some things and give up others.
    Changes in education, incentives, technology, and capital investment alter productivity.
    Fluctuations of economic activity refer to an economic cycle.
    Incentives, both positive and negative, affect people's choices and behaviors.
    Individuals can increase their employment odds through education, developing, and practicing new skills.
    Profit is an important incentive that leads entrepreneurs to accept the risks of failure.
    Profit is an important incentive that leads self-employed to accept the risks of business failure or the rewards of success.
    Saving is the part of income not spent on taxes or consumption.
    Scarcity is an economic condition that exists when demand is greater than supply.
    The opportunity cost of a choice is the most highly valued alternative forfeited when a choice is made.
  • Competencies
    Compare the interest rate paid for savings accounts and cost of loans.
    Compare the risks, returns, and other characteristics of entrepreneurship.
    Debate the opportunity cost of decisions by an individual.
    Describe how growth and decline of economic activity predicts future trends.
    Describe what is gained and what is given up when a choice is made.
    Explain the value of saving.
    Identify the risks and rewards of entrepreneurship.
    Predict future earnings based on current plans for education, training, and career options.
    Predict the impact of scarcity on price.

Description

This lesson illustrates the differences between inventions and innovations. It discusses what entrepreneurs are and their role with inventions and innovations.

Web-based Resource

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An Entreduction

Content Provider

EconEdLink

 

WHAT IS IT?

EconEdLink provides a premier source of classroom-tested, Internet-based economic and personal finance lesson materials for K-12 teachers and their students. With over 457 lessons to choose from, teachers can use as many of the lessons as they would like and as often as they would like.

WHO IS IT FOR?

The Internet-based lessons are targeted for K-12 teachers and their students. Each of the lessons includes a teacher's version as well as a student's version. Each of the lessons are designed to be delivered in a variety of formats and classroom settings.

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