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Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
Tues factors of production
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Tues factors of production

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  • 1. Bellringer 1. Write a business idea you think might make you wealthy. 2. What specifically would you need to start this business? (for example, to start a landscaping company would need a truck, shovel, and some rocks) 3. Think of two reasons most people just end up getting a job, instead of starting a new business?
  • 2. Label Cornell notes • Factors of production • “How would I start or expand a business” Questions or Comments ????? ????? ?????
  • 3. The secret to making money Profit Motive • Buy low and sell higher • People want profits • Consumer Sovereignty • Adam Smith “invisible hand” • Voluntary trade increases wealth
  • 4. “Free Market” Economic System • Laissez Faire – French for “leave alone” • Guided by “invisible hand” • Stossel clip
  • 5. What keeps our economy moving?
  • 6. • Entrepreneur – French word New Ideas! • Person who takes a risk to Real job creation start a new business – OR comes up with a new idea within a business Empresario
  • 7. Factors of Production • Items we need to be in business • 3 categories
  • 8. Land • Any natural resource – Rosemont mine example
  • 9. • People working • Wages $ • Benefits Labor
  • 10. Sub note to Labor Human Capital • Skills, experience, education a person has • It’s the reason doctors are paid more than sandwich artists
  • 11. Capital • Goods used to create other goods/services • Usually the largest cost for entrepreneurs • Explanation for “Capitalism”
  • 12. • Entrepreneur – French word New Ideas! • Person who takes a risk Real job creation combines land, labor and capital to start a new business – OR comes up with a new idea within a business Empresario
  • 13. Let’s build a new Circle K! 1 Land 2 Labor 3 Capital
  • 14. Group summary • Write 4 “how” or “why” questions • One question for each factor of production + entrepreneur • How does an entrepreneur start a business? • Must include land, labor and capital

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