The Federal Reserve Bank of Richmond has sponsored the high school Creative Expression Contest to promote economic and financial education and encourage excellence in writing. Some of our past topics have challenged students to (1) describe individuals whose contributions significantly impacted the world, (2) write a short story or draw a comic strip describing how the powers of a fictitious super hero could positively impact America's economy and (3) describe their financial goals for the next five years. This year's topic addressed entrepreneurship.
As quoted by our Board of Governors Chairman, Ben Bernanke, "The the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency." Having an entrepreneurial spirit is important, especially in weak economic times.
Students were asked to embrace this idea and write a letter to a potential investor describing a new innovative business that would weather tough economic conditions and make their case for start-up funds. Infusing economics, students identified the type of business, organizational structure, sales and marketing strategies and potential risks and returns to the investor.
Thank you to all who have participated in the competition. Although we will not be offering the Creative Expression competition next year, stay tuned for new and enhanced economic education programs in the 2010/2011 school year. Please continue to visit our website for programs and resources.