Economics teachers never miss introducing their students to Factors of Production. Earth, labor, and money all have their day. But often, one of the most important things is being left out of business. How do I teach it?
I start by asking volunteers to try to spell out loud, without looking at the reference, the word, to trade. I make noise at the first mistake and move on to the next student, and the next. It usually takes three attempts by the student before it is written correctly. This may be the reason for other books to replace this name business in this aspect of production. I prefer the former term. (I have a permanent goal of emphasizing spelling and geography lessons as opportunities arise in the high school classroom. I rotate seating in my classroom so that students sitting under the world map are responsible for identifying the locations of countries from various subjects. .)
After the lesson Human CapitalI ask the students how this product is different from Entrepreneurship, and examples. Inevitably, the names of individual entrepreneurs appear, Steve Jobs, Bill Gates, Elon Musk… mostly men and technologists. Why not Taylor Swift? Or Oprah Winfrey? After acknowledging that these are individual entrepreneurs, we discuss the definition to trade: risk-taking, innovation, and planning of production resources. It is a process of discovery, often the collaboration of many people over time that leads to small and sometimes large changes in products, services and processes.
In tens of thousands of Research and Development Departments in US institutions, patents are granted for new inventions or changes made to existing products. This patent protection award protects the owner for a limited period of time from others copying, using or selling the invention. About 90% of all patents are granted by firms (companies, universities, and other organizations), with the remainder going to individual inventors. Entrepreneurs can be granted copyrights or copyrights depending on the type of intellectual property they create. Copyrights are given to useful innovations, copyrights generally protect ownership (of books, software, music, etc.). The distribution of copyright between firms and individuals varies by type of creative work.
Then I asked. What are some recent examples of brand new product innovation? What are some examples of tweaks or changes to existing products?
A vaccine for Covid-19, AI-powered health tools like Apple watches and Fitbits, plant-based meat alternatives, TikTok, breweries, eco-friendly cosmetic packaging… I encourage the list to go on as I write it on the smart board document.
Then I ask which countries in the world file the most patents? Which countries get the most copyrights?
Here I remind myself of the great responsibility I have to connect the institutions of free market societies with the incentives that influence developing entrepreneurs. Demographic differences or fervent patriotism are not the drivers.
Entrepreneurship thrives when contracts are backed by courts of law, when personal property is protected and not used as collateral, when profits can be earned and retained by the company or individual risking their time and money to innovate. These are some of the characteristics of an emerging society. Others include an educational program that promotes the exploration of creative endeavors, access to global markets, and cultural and social support for entrepreneurship that encourages people to contribute time, effort and money to produce their products and ideas. A free market economy, as examined in the Adam Smith Wealth of Nations, it illuminates how resources – those factors of production – are best allocated to produce goods and services that society desires.
I assure readers that we will revisit many of the topics presented in that definition, but it is not too late to strengthen market connections. Back to the question, ‘who leads the world in patents and copyrights, these are the hallmarks of a successful business community’? The correct answer is often a guess, but that guess is hopefully more informed.
The US consistently ranks high in patenting, largely driven by its strong technology, pharmaceutical, and automotive industries. Big companies like Apple, IBM, and Microsoft contribute a lot to the country’s patenting.
the United States is the undisputed leader in startup businesses around the world. From Silicon Valley, the center of technological innovation, to New York City, to new places like Austin Texas, talented workers are attracted to startups in all different industries.
The US leads the world in copyrights, especially in entertainment, software, and literature. The dominance of Hollywood, Silicon Valley, and a strong publishing industry make the US the world leader in copyright.
Another important thing is to mention how easy it is to crush the spirit of existing and potential entrepreneurs when a dictatorship interferes with existing institutions. This may also create a discussion about countries with limited trade.
As an advocate for the appropriate use of technology in the classroom, I now have students working in groups to do their own research on patents and copyrights, or business start-ups, research and development funding or any related topic. The groups then share with the class an interesting discovery or observation in a country other than the United States. (Students sitting under the map will point to each place as students say their country and what they found different).
The closing of the class is an opportunity for the student volunteer to distinguish people skills as the practical and intellectual work of the profession and the risk-taking, innovative actions of entrepreneurs. This may create interest in the future work of a firm that is part of the business activity in a growing economy.
Two production items down, and now land and funds need to be introduced. Coming soon!
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