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The Economics of Entrepreneurship | Facilitator Guide Compiled by: Marianna Brashear Ruby Clohessy Jason Riddle William Smith FEE.org/Courses The Foundation for Economic Education (FEE) is a non-political, non-profit, tax-exempt educational foundation and accepts no taxpayer money. FEE’s mission is to inspire, educate and connect future leaders with the economic, ethical and legal principles of a free society. THE ECONOMICS OF ENTREPRENEURSHIP PAGE 2 INTRODUCTION COURSE OVERVIEW An entrepreneur is someone who discovers and provides for an unmet need by producing value for others in the community and for themselves. In short, entrepreneurs are both problem solvers and wealth creators. Creating and maintaining a culture that embraces entrepreneurship is critical to the long-term prosperity of our economy and our society. Entrepreneurship is an act of serving one’s self through serving others well. We believe that students can increase their chances of success with practical education about entrepreneurship, markets, and the economic way of thinking. This course is designed to help students discover the value of entrepreneurship and the importance of strong character in a free and civil society. These ready-to-go lessons introduce students to entrepreneurship and the economic way of thinking through a series of carefully selected articles, videos, discussion guides, student handouts, and activities. GETTING THE MOST FROM THIS COURSE This course contains a series of eight modules organized around the essential concepts of the economics of entrepreneurship. The modules included in this course are: 1. What is Entrepreneurship? 2. What is the Entrepreneur’s Role in Creating Value? 3. How Can Entrepreneurs Use Economics to Make Better Decisions? 4. How Does Trade Create Wealth? 5. What Do Profit and Loss Tell Us? 6. What Institutional Factors Encourage Entrepreneurship? 7. What are the Links between Entrepreneurship, Personal Character, and Civil Society? 8. How Do I Become an Entrepreneur? Within each module are five stand-alone lessons including readings, videos, discussion guides, comprehension questions, and activities. These 40 lessons can each be used independently, or they can be followed as part of the larger guided learning path set forth by this course. It is recommended to follow the modules and lessons in the sequence presented. The program can be taught in 30 hours, or it can be expanded to as many as 40 hours for students who elect to conduct optional self-study using the materials found in the “Additional Resources” section provided in each lesson. However, for those interested in a brief survey of the topic, a substantive treatment of the learning objectives and essential concepts can be found in a condensed version of the course. [Coming Soon – 2015] Individual modules, lessons, and activities found in this course are available online at FEE.org/courses. THE ECONOMICS OF ENTREPRENEURSHIP PAGE 3 IS THIS COURSE RIGHT FOR ME? This course is great for: • Students interested in starting a business or learning more about the economic way of thinking; • Teachers seeking to complement learning objectives taught in introductory-level economics, business, history, and civics classes; • Leaders of youth organizations looking for lessons and activities around entrepreneurship, economics, personal character, and civil society; and • Parents wanting their students to get the most out of life through making better choices and better understanding the tradeoffs involved with those choices. RELATED NATIONAL EDUCATION STANDARDS The learning objectives addressed in this course are specified at the beginning of each learning module. The learning objectives in this course include and expand beyond the minimum standards put forth by the professional bodies governing national and state educational standards for related content areas. For parents and educators who wish to know how the learning modules in this course relate to the broader economic standards we have included a listing of related National Standards for Economics made available by the Council for Economic Education at the beginning of each lesson. Additionally, we have provided a list of the Common Core standards related to this course in Appendix B. This work is licensed under a Creative Commons Attribution 4.0 International License, except for material where copyright is reserved by a party other than FEE. “Life consists, in this sense, of a never-ending series of spontaneous leaps of discovery. The life of freedom is thus a continual expression of the dynamics of continual discovery.” - ISRAEL KIRZNER THE ECONOMICS OF ENTREPRENEURSHIP PAGE 4 CONTENTS Introduction ................................................................................................................................................................................... 3 Contents .......................................................................................................................................................................................... 5 Module 1 – What Is Entrepreneurship? ................................................................................................................................... 11 Lesson 1 – The Heroic Entrepreneur ................................................................................................................................... 12 Lesson 2 – Key Traits of an Entrepreneur ........................................................................................................................... 20 Lesson 3 – Discovering an Opportunity, Serving a Need ................................................................................................. 27 Lesson 4 – The Entrepreneurial Society .............................................................................................................................. 33 Lesson 5 – Entrepreneurship Defined ................................................................................................................................. 42 Module 2 – What Is the Entrepreneur’s Role in Creating Value? ........................................................................................ 49 Lesson 1 – Value is in the Eye of the Beholder ................................................................................................................... 51 Lesson 2 – Value Must Be Produced .................................................................................................................................... 59 Lesson 3 – Creating Value and Serving Others .................................................................................................................. 67 Lesson 4 – Shareholder vs. Stakeholder Value.................................................................................................................... 73 Lesson 5 – Economic Growth and the Entrepreneur ........................................................................................................ 77 Module 3 – How Can Entrepreneurs Use Economics to Make Better Decisions? ............................................................. 86 Lesson 1 – Scarcity, Choice, and Tradeoffs ......................................................................................................................... 88 Lesson 2 – Thinking at the Margin ...................................................................................................................................... 94 Lesson 3 – Opportunity Cost .............................................................................................................................................. 103 Lesson 4 – Decision-Making Techniques for Entrepreneurs ......................................................................................... 109 Lesson 5 – Using Economics to Make Better Decisions .................................................................................................. 116 Module 4 – How Does Trade Create Wealth? ....................................................................................................................... 119 Lesson 1 – Gains from Trade .............................................................................................................................................. 121 Lesson 2 – Why We Exchange ............................................................................................................................................ 130 Lesson 3 – Division of Labor and Specialization .............................................................................................................. 135 Lesson 4 – Competition as Cooperation ........................................................................................................................... 142 Lesson 5 – Economic Freedom and Prosperity ................................................................................................................ 151 THE ECONOMICS OF ENTREPRENEURSHIP PAGE 5 Module 5 – What Do Profit and Loss Tell Us? ...................................................................................................................... 157 Lesson 1 – Role of Prices ...................................................................................................................................................... 158 Lesson 2 – How Market Prices Emerge ............................................................................................................................. 164 Lesson 3 – The Function of Profits ...................................................................................................................................
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