Economics

1. IMPACT OF
ENTREPRENEURSHIP ON
THE ECONOMY OF NC
Danielle Whitley

2. DEFINITION OF ENTREPRENEURSHIP
 This refers to the ability of individuals to start new businesses,
introduce new products and processes, and improve
management techniques.

3. ENTREPRENEURSHIP
 Involves initiative and willingness to take risks in order to reap
profits. Entrepreneurs must also incur the costs of failed efforts.
About 30 percent of new business enterprises fail. Of the 70
percent that do survive, only a few become widely successful.

4. DEFINITION OF ECONOMY
 The production and distribution of goods and services in a
society.

5. REVIEW: WHAT ARE GOODS AND
SERVICES?
 Goods: tangible objects that can
satisfy people’s wants and needs.
 Services: actions that can satisfy
people’s wants or needs.

6. ECONOMY
 Means all the activity in a nation that together affects the
production, distribution, and use of goods and services.

7. NORTH CAROLINA ECONOMY
 Livestock products and crops each contribute about 50% of
North Carolina's agricultural income. North Carolina's top five
agricultural products are hogs, broilers (young chickens),
greenhouse and nursery products, tobacco, and turkeys.

8. REVIEW
 Discuss: the impact of entrepreneurship on the economy of North
Carolina.
 In your own words, what are the definitions of entrepreneurship,
economy, goods, and services.

9. OPINION WRITING
 Think-Pair-Share Activity
 Opinion writing topic: In you opinion, what will help a new
business become successful in North Carolina.