In this activity, students will learn about entrepreneurial characteristics as demonstrated by John Schnatter, and will discover how businesses and people depend on one another for work, goods, and services. Papa John Schnatter is a successful entrepreneur because he is producing a product consumers want at a price they are willing to pay. This is what entrepreneurs do. They take the risk of going into business in hopes of earning a profit.
Profit is the reward for their success, and going out of business is the penalty for failure.
The other activity sheets at the end of the unit will reinforce the application of other economic concepts. 2.18 Students understand economic principles and are able to make economic decisions that have consequences in daily living. 2.30 Students evaluate consumer products and services and make effective consumer decisions. 3.4 Students demonstrate the ability to be resourceful and creative. 6.3 Students expand their understanding of existing knowledge by making connections with new knowledge, skills, and experiences.