acte-conf-paper - Economics and Entrepreneurship Making It...

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Economics and Entrepreneurship – Making It Happen Gregory P. Valentine, Ph.D. Professor of Business and Economic Education University of Southern Indiana 8600 University Blvd. Evansville, IN 47712 (812) 465-1610 [email protected] Illinois Business Education Association North Central Business Education Association Crown Plaza Springfield, IL November 2, 2006
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INTRODUCTION The National Council on Economic Education purported in 2001 that the primary purpose of economic education is to provide students with the knowledge and skills they need to make personal economic decisions and to participate in the process of social decision making. The National Business Education Association (NBEA) in their 2001 issue of the National Standards for Business Education: What America’s Students Should Know and be able to do in Business state that: entrepreneurship education is a natural fit for business education since it incorporates the various functional areas of business (e.g., accounting, finance, marketing, and management) and the environments (e.g., legal and economics) as they apply to the individual starting his/her own business (p. 70). The NBEA further states that “all students should develop an appreciation for and understanding of entrepreneurship in our economy” (p. 70). With the curriculum being as crowded as it is and states mandating standards that are primarily focused on English, mathematics, and reading, what is being proposed is a combination of both economics and entrepreneurship concepts. These concepts can be covered and conveyed in a realistic manner and still maintain content integrity in any one of the following classes: economics, entrepreneurship, introduction to business, or management. The example that will be illustrated has been used with students between the grades of five and 12 and is based on the incorporation of both economic and entrepreneurship concepts and content. Basically it was developed to illustrate several of the fundamental economic concepts such as: scarcity, opportunity cost and trade-offs, productivity, and economic institutions and incentives along with the microeconomic concept of markets 2
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and prices and the macroeconomic concept of the role of government. It also identifies four of the six functional definitions of entrepreneurship as described by Baumol (1997): entrepreneurship as a distinct factor of production, profit and entrepreneurship, entrepreneurship in macroeconomics, and entrepreneurship and economic growth. Also identified are the following achievement standards within the National Business Education Association’s National Standards for Entrepreneurship: economics, finance, and management. ECONOMIC CONCEPTS Ask students to define the difference between goods and services. Most students will not be able to do as you asked. Bring up a student to the front of the class. Start from the top of his/her head and work down to their toes with those “goods” they have on (e.g., glasses, earrings, bracelet, necklace, shirts, jeans, belt, etc.) Then ask students who
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This note was uploaded on 01/22/2010 for the course ECO 1101 taught by Professor Sparr during the Fall '05 term at St.Francis College.

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acte-conf-paper - Economics and Entrepreneurship Making It...

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