The Financial Crisis and Small Business in The Classroom – Part 2

What is the impact of the US’s current financial crisis on small business? This is the second of a 4-part series on this topic.  (Click here for earlier post). The major teaching points and exercises in this series are based on an interview with the Acting Director of the Small Business Administration, Sandy K. Baruah (see this video).

The topic for today: The Role of Small Business in the US Economy.

As Baruah mentioned in his interview, small business and entrepreneurs are important.  Baruah describes entrepreneurs and small business as the ‘engine of our economy’ providing two-thirds of all jobs in the U.S.

Suggested exercises:

Level A. Consider the role that small business and entrepreneurs play in the economy. Have students review the following links.

SBA press release on the role of small business in the US economy

VIDEO – SBA Chief on Small Business and the Financial Crisis

Level B. Lead students through a discussion of the Role of Small Business in the US Economy using the EITC curriculum (Module 1, Slides 21 to 29). Here is the link to the EITC free curriculum.

*************************************

As a follow up, have students consider tonight’s presidential debate using social media tools.

– Students search at http://search.twitter.com using the term “#Debate08” (beware of adult language).

– Students go to http://politics.alltop.com/ and find 3 blogs with posts about the debate.

For  both of the above: Was there anything which might relate to the economy and small business?  Summarize and present to the class.