Whit King Prize: An American Free Enterprise Essay Contest

 

The Whit King Prize 2011-12
An American Free Enterprise System Essay Contest
For students grades 6-8
Presented in cooperation with the Alabama State Department of Education
 
Established May 15, 2006, the Whit King, Jr. Prize honors the passion and the persistence of vision of one man:  Whit King, Jr. From his time as a student in the Wiregrass Region at Dothan High School, until his retirement as a Senior Vice President of AmSouth Bank, Whit King, Jr. led an active life convinced of the value of hard work and the rewards to be gained from the American Free Enterprise System. Twenty-five years ago, Whit co-founded “Free Enterprise Day”, during which schoolteachers and business people swapped roles for a day. Nothing is dearer to Whit’s heart than his belief in free enterprise.
 
In 1982, Mr. King joined the Board of Directors of the Alabama Council on Economic Education, the State’s premiere resource for financial and economic education for teachers and students. Whit has been involved with the Council ever since serving as the Chairman of the Board not once but twice. The Whit King, Jr. Prize honors a lifetime commitment of a special person.
 
Purposes: To promote the understanding of the American free enterprise system in a global, national, or local context and to support economics standards in the Alabama Course of Study: Social Studies as students apply these standards to their daily lives.
 
Essay Topic:  The American Free Enterprise System: Entrepreneurship and Me
 
Eligibility: Sixth, seventh, and eighth grade students at public and private schools.
 
Prizes:
                         Student        Teacher
First place           $100                $25
Second               $ 75                 $25
Third                  $  50                 $25
 
Rules:
  • Maximum 500 words
  • Typed, double-spaced, font no smaller than 12 pt.
  • Title page:  Essay title, student name, grade, school, school mailing address, school phone number, teacher name, and teacher e-mail.
  • Student name and/or school name must not appear anywhere in the manuscript itself.  All items of identification should appear only in the title page.
  • Staple in upper left corner. Do not submit essay in a folder or use any other binder of any kind. You may email the entries to council@economicsouth.org. Do not provide accompanying images or attachments. Do not include illustrations, photographs or computer graphics.
  • One entry per student; multiple entries will disqualify all entries.
  • Essays must be the work of the student. Include a Works Cited page if there is use of copyright material.
  • All entries become the property of the Alabama Council on Economic Education who may use with the names of entrants for publicity and other purposes.
In order to be judged, entries must comply with all of the rules.
 
Judging:  Essays will be judged on understanding of the topic, organization, originality, and mechanics of writing. Students who express their personal perspective on the Free Enterprise System in their own words will be more highly ranked. All decisions are final.
 
Deadline: Entries must be post marked by Tuesday, May 8, 2012 - THIS IS THE EXTENDED DEADLINE
 
Either
EMAIL                 council@economicsouth.org If you do not receive a reply verifying receipt, please call us at 205-326-0585.
 
 
We prefer emailed entries, but you may also mail entries to:
          Whit King, Jr. American Free Enterprise Essay Contest
                               Alabama Council on Economic Education
                   205 Twentieth Street North, Suite 908
                               Birmingham, AL  35203
 
The American Free Enterprise System
Curriculum Materials
Limited availability based on supplies on hand
 
 
Entrepreneurs(Pamphlet) 6 pages
Federal Reserve Bank of Dallas
This short, colorful pamphlet includes just the basics:
  • What Is an Entrepreneur?
  • Entrepreneurs and the Economy
 
Free Enterprise (Pamphlet) 12 pages
Federal Reserve Bank of Dallas
Gorgeous full color “comic-book” your students will love
  • The Price System
  • Building Blocks of the Free Enterprise System
 
Free Enterprise: The Economics of Cooperation (booklet) 24 pages
Federal Reserve Bank of Dallas
Another easy to use booklet adds some economic depth:
  • A Wealth of Opportunities in a World of Limits
  • Profits: The Consumer’s Best Friend
  • Entrepreneurs and Economic Freedom
 For more information or to order the Kit, please email:  wandamcabee@economicsouth.org
 
~Curriculum Directors and teachers of grades 6, 7, and 8 only~

 

STUDENT DIRECTIONS
 
PURPOSE: To promote the understanding of the American free enterprise system in a global, national, or local context and to support economics standards in the Alabama Course of Study: Social Studies as students apply these standards to their daily lives.
 
ESSAY TOPIC: “Entrepreneurship and Me”
 
ELIGIBILITY: Sixth, seventh, and eighth grade students at public and private schools.
 
DEADLINE: Entries must be postmarked by Tuesday, May 8th, 2012.
 
American Free Enterprise System Essay Contest
Connections to Alabama Course of Study: Social Studies
 
  • Students will understand the concept of free market.
  • Students will understand role of entrepreneur.
  • Students will understand entrepreneur and business risks.
  • Students will understand impact of technological changes on society.
 
The following excerpts are from Free Enterprise published by Federal Reserve Bank of Dallas.
 
“Free enterprise is the freedom of individuals and businesses to create, produce, transform, develop, innovate, and compete in the marketplace. As they are able and willing, enterprising people produce goods and services for profit, offer their labor for wages, and own the resources needed to produce and sell goods and services.”
 
“Most free enterprise systems consist of four components:
1.      Households – The Owners Households own most of the country’s economic resources and decide how to use them. One of the resources is their labor, which they sell to existing firms or use to form new businesses.
2.      Businesses – The Organizers   Businesses organize economic resources to create and produce a good or service. People who start businesses are called entrepreneurs. They are organizers and innovators, constantly discovering new and better ways to bring resources together in the hopes of making a profit.
3.      Markets – The Brokers   Any place or any way that buyers and sellers can exchange goods, services, resources or money.
4.      Government – The Protector   Government is the backbone and cornerstone of a free enterprise economy. The government enforces property rights and provides necessary goods and services that the private market would have difficulty producing, such as national defense.”
 

Think about the following questions as you express your personal perspective on entrepreneurship.
My Questions
WHO
changed society?
is an inspiration?
took a risk?
 
WHAT
am I going to do?
are my opportunities?
should be changed?
 
WHEN
Past?
Present?
Future?
 
WHERE
local and/or State?
United States?
global?
 
WHY
are entrepreneurs important?
is economic freedom essential?
does the Constitution protect private property?
 
HOW
does economic competition affect me?
can I make a difference?
is my life better?