Economics of Innovation

Classroom-Ready Resources for Teaching the Future of Innovation

Economics of Innovation provides educators with valuable resources to teach the increasingly popular topic of entrepreneurship. By focusing on key economic principles, the unit helps teachers create engaging and interactive lessons that explore the risks and rewards of starting a business. Participants receive a complete set of teaching materials designed specifically for educators who want to bring economics and entrepreneurship to life in grades 7–12 classrooms. Aligned with core economic principles and entrepreneurial thinking, the curriculum includes ready-to-use lesson plans, hands-on activities, case studies, and implementation guides.

FTE instructors examine some of the topics that future entrepreneurs should learn. A wide variety of issues, such as supply chain considerations, AI, international trade, and business plan creation, will be integrated with economics principles. Hands-on activities will provide teachers with ready-to-implement ideas that blend creativity, critical thinking, and real-world application.  Whether introducing basic economic concepts or guiding students through the process of developing a business idea, these resources make it easy to integrate engaging, standards-based content into any classroom setting.

Prepare your students to think critically, solve problems creatively, and explore the world of entrepreneurship using the economic way of thinking—with everything you need, all in one place.

Lessons are designed to stand alone, or to be used together as the framework for a semester course. Applicable economics content standards are identified. FTE curriculum materials may be copied in whole or part for noncommercial educational classroom use only.

This curriculum is ideal for teachers of entrepreneurship, economics, and general business classes.

Lesson Outline

Lesson 1: Foundations for an Entrepreneur

• Key Terms & Concepts: Entrepreneur; Entrepreneurship
• Activity: Entrepreneurship Self-assessment

Lesson 2: Economic Concepts for Entrepreneurs

• Key Terms & Concepts: Cost-Benefit analysis; Decision-Making; Entrepreneurship; Incentives; Opportunity Costs; Scarcity

Lesson 3: Institutions for Entrepreneurs

• Key Terms & Concepts: Entrepreneurship; Institutions; Market; Property Rights
• Activity: Destination Start up; In the Chips

Lesson 4: Pricing Decisions for Entrepreneurs

• Key Terms & Concepts: Demand; Entrepreneurship; Markets; Supply
• Activity: Food Truck Challenge: A game of Supply and Demand

Lesson 5: Business plan for Entrepreneurs

• Key Terms & Concepts: Entrepreneurship; Business Plan
• Activity: Creative Destruction–Build a Better Widget
• Case Study: Baseline Bites at the Softball Complex

Lesson 6: Understanding Market Structures for an Entrepreneur

• Key Terms & Concepts: Entrepreneurship; Markets; Market Structures
• Activity: Advertisement Showdown – Understanding Marketing and Economics for Entrepreneurs

Lesson 7: Resources and Hiring Decisions for Entrepreneurs

• Key Terms & Concepts: Cost-Benefit Analysis; Entrepreneurship; Labor Markets; Resources
• Activity: AI or HI? Artificial Intelligence vs Human Ingenuity

Lesson 8:  International Trade for Entrepreneurs

Capstone Project: From Idea to Enterprise–The Entrepreneur Showcase