Lesson 6: Nothing Can Be Excellent without Risk of Failure

Activity 6.3: Colonial Wiki

The word “wiki” is a Hawaiian word that means fast or quick. In the online world a wiki is a web application which allows people to add, modify, or delete content in collaboration with others.

Wikis are an interesting way to learn and discuss any topic. In this activity, you will defining vocabulary that you learned during this lesson and contribute to a wiki. After you post your responses, please continue the wiki discussion by adding and contributing to the responses of the other people.

Benchmark:

5.2.4.6.1: Describe the concept of profit as the motivation for entrepreneurs; calculate profit as the difference between revenue (from selling goods and services) and cost (payments for resources used).

Learning Target:

I can...contribute to a wiki discussion about the colonial economy.

Essential Question:

How is the concept of profit a motivation for entrepreneurs? How do I calculate profit as the difference between revenue (from selling goods and services) and cost (payments for resources used)?

To complete Activity 6.3 please follow the steps below:

STEP 1: Please follow the proper wiki discussion policies: Internet Etiquette = Netiquette

1) Be efficient in your posts and emails!
a. Stay on topic!

b. Write clearly, concisely with correct grammar and mechanics (proofread!)

c. Use formatting (bullets, paragraphs, numbering, indents, bolds, etc.) to improve understanding and readability.

d. Post only when you have something significant to contribute to the discussion

e. Avoid “empty” posts such as “I agree” or “cool.” Add to the discussion by explaining why you agree or why you think it’s cool.

f. Post links rather than long, copied passages

g. Use meaningful subject headers and thread topics

2) Maintain academic environment!

a. Use formal and informal styles appropriately

b. Disagree respectfully with the point, not the person

c. Address private disagreements or conflicts privately

d. DON’T USE ALL CAPS! IT’S SHOUTING!

3) Avoid misunderstandings!

a. Consider your audience – all of it

b. Give others the benefit of the doubt

c. Avoid sarcasm

d. Be extra careful with humor

4) Follow rules and laws!

WIKI QUESTIONS

Defining and answer the following vocabulary words and questions using the Wiki module. After you post your responses, please continue the wiki discussion by adding and contributing to the responses of the other people.

1. Define: Entrepreneurs
2. Define: Profit
3. Define: Income
4. Define: Taxes
5. Define: Revenue
   
6. Answer the following question from Activity 6.2: If Davey was forced to pay taxes on the equipment he used to harvest the lumber, how would it affect his profit?
   
7. Answer the following question from Activity 6.2: In your own opinion, why were profits so important to entrepreneurs like Davey Poindexter?
   
8. Answer the following question from Activity 6.2: What do you believe would be the most challenging part of being an entrepreneur?