Real Ways of Responding to Market Demand

Step 1: Brainstorm using the T-Chart.

Left: What are products or services that you have an elastic
demand for?
o Ex. Starbucks coffee
Right: What are products of services that you have an inelastic
demand for?
o Ex. An oil change for your car
Elastic Demand

Inelastic Demand

Step 2: Use the Donut to create a concept map.

On the outer circle: Write down everything you know about being
an entrepreneur.
On the inner circle: Write down everything you know specifically
about John D. Rockefeller and Steve Jobs?
o Ex. What time period they lived in, what they are known
for, where they lived, etc.

Step 3: Analyze the primary source documents.

Primary Source A
(1) John D. Rockefeller was interviewed by the United States Industrial
Commission in 1899. He was asked about the advantages of industrial
combinations to companies such as Standard Oil.
It is too late to argue about the advantages of industrial combinations.
They are a necessity. And if Americans are to have the privilege of
extending their business in all the states of the Union, and into foreign
countries as well, they are a necessity on a large scale and require the
agency of more than one corporation. Their chief advantages are: (1)
command of necessary capital; (2) extension of limits of business; (3)
increase of number of persons interested in the business; (4) economy
of the business; (5) improvements and economies which are derived
from knowledge of many interested persons of wide experience; (6)
power to give the public improved products at less prices and still
make a profit for stockholders; (7) permanent work and good wages for
labourers.
Guiding Questions:
1. What is the source of this document? Do you think it is
biased/unbiased?

2. Highlight challenging terms and words that interest you. What do

you think these words tell you about the text?

3. What was John D. Rockefeller known for creating? (Hint: He had a

monopoly on a certain industry.)

4. Based on what you have read, describe how John D. Rockefeller

differentiated himself from his competition.

Primary Source B
This is an audio clip, which is an Apple advertisement narrated by
Steve Jobs.
Guiding Questions
1. What is the source of this document? Do you think it is
biased/unbiased?

2. Listen for challenging terms and words that interest you. What do
you think these words tell you about the text?

3. What was Steve Jobs known for creating?

4. Based on what you have heard, describe how Steve Jobs

differentiated himself from his competition.

Primary Source C
This is an audio source, titled Steve Jobs introduces the Macintosh
Computer.
Guiding Questions
1. From what time period do you think this source comes from and
where was it published? Do you think it is biased or unbiased?

2. Do you think Steve Jobs effectively markets his new product? Who
do you think are his competitors?
Step 4: Write a persuasive paragraph explaining how an
entrepreneur creates an inelastic demand for a good or
service. Select one of the entrepreneurs to focus on.
Topic Sentence:
(John D. Rockefeller or Steve Jobs) was an innovative entrepreneur
because he was able to...

Statement:
He was successful due to
his________________________________________________________________,
which allowed him to

Commentary:
This was an effective entrepreneurial philosophy because

Statement:
Another aspect of (insert John D. Rockefellers or Steve Jobs) business
philosophy that set him apart from other creators in his industry was

Commentary:
This philosophy benefitted (insert Rockefeller or Jobs) because
consumers

Concluding Sentence:
Therefore, ____________________________________________________ and
_______________________________________ are two of the several reasons
that (insert John D. Rockefeller or Steve Jobs) was able to revolutionize
the (insert technology or steel) industry and create a product that
consumers felt was a necessity.