Hot debate and arguments galore whirl around this question: "Which economic approach is the most efficient and fair to resolve utility issues surrounding the use of common or public property?" This lesson will explore, examine and analyze this perplexing question by engaging in an open-ended role play simulation.
In this lesson, students research the three basic types of business organization: sole proprietorships, partnerships, and corporations. Considering the advantages and disadvantages of each, they function as consultants offering advice on which form of business is best suited for different business scenarios. The case studies all feature real- life entrepreneurs who started businesses producing chocolate candy and cookies—they all result ultimately in “sweet” success stories. Once students have made their recommendations, they are provided the identities of their clients and asked to prepare reports that tell the rest of the story—what happened to each founder and business. Products featured in this lesson that almost every student will recognize are the Hershey chocolate bar, Mars M&Ms and Famous Amos chocolate cookies.
Essential Dilemma Your students will consider the following questions: In deciding to secede from the Union in 1861, did the South violate its own self-interest and thus disprove the basic economic principle that people seek to further their self-interest in the decisions they make? To get at the question, each student will assume the role of an ardent secessionist. Acting in this role, the students will apply principles of economic reasoning and use a decision grid to weigh the benefits and costs of the South's effort to create a new nation in which slavery and state's rights would forever be guaranteed by law.
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Entrepreneurship Economics introduces high school students to entrepreneurship through a resource market simulation, which demonstrates how entrepreneurship promotes economic activity and benefits society.
1 out of 12 lessons from this publication relate to this EconEdLink lesson.