This is the third in a series of lessons on entrepreneurship. "Entreduction" http://www.econedlink.org/lessons/index.cfm?lesson=EM155 and "Improving on the Original" help students understand what innovations are, and what it takes to get an idea off the ground. This lesson will take students through the process of calculating risks associated with starting a new business -- the decisions and choices they'd have to make and how to calculate what makes something "worth" the risks.
The second of a two-part unit on income-earning endeavors, this lesson has students choose a job or business to engage in during non-school hours. They then devise a strategy of whom to target and how to begin pursuit of their chosen endeavor.
When Henry Ford announced he was going to produce an automobile that would be affordable to the masses, he probably did not realize what a great impact his achievement would have on life in the United States and, eventually, the world. Ford’s use of mass production strategies to manufacture the Model T revolutionized industrial manufacturing and initiated a new era in personal transportation. This three-part learning unit provides students with the story of Henry Ford and the Model T from an economics perspective. Parts 1 and 2 explore how the Ford Motor Company successfully introduced mass production strategies to the auto industry. Students learn how specialization and investments in capital (machines, people, etc.) increased productivity and allowed Ford to slash the price of his popular vehicle. Students chart a plan for the assembly-line production of bookmarks, test their plan, and make recommendations for improvements. Students also explore how Henry Ford used economic incentives to address a problem created by mass production techniques—worker turnover. An optional Part 3 explains how increased productivity resulted in shifts in the supply and demand for the Model T. Students analyze how a variety of non-price determinants continue to influence the automobile market today. The unit also presents a wealth of extension activities.
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