Bellringer

1. Write a business idea you think might
make you wealthy.
2. What specifically would you need to
start this b...
Label Cornell
notes
• Factors of
production
• “How would I
start or expand
a business”

Questions or
Comments

?????

????...
The secret to making money
Profit Motive

• Buy low and sell higher
• People want profits
• Consumer Sovereignty
• Adam Sm...
“Free Market” Economic System

• Laissez Faire – French for “leave alone”
• Guided by “invisible hand”
• Stossel clip
What keeps our economy moving?
• Entrepreneur – French word
New Ideas!
• Person who takes a risk to
Real job creation
start a new business
– OR comes up ...
Factors of Production
• Items we need to be in business
• 3 categories
Land
• Any natural resource
– Rosemont mine example
• People working
• Wages $
• Benefits

Labor
Sub note to Labor
Human Capital

• Skills, experience, education a person has
• It’s the reason doctors are paid more than...
Capital
• Goods used to create other goods/services
• Usually the largest cost for entrepreneurs
• Explanation for “Capita...
• Entrepreneur – French word
New Ideas!
• Person who takes a risk
Real job creation
combines land, labor and
capital to st...
Let’s build a new Circle K!
1 Land

2 Labor

3 Capital
Group summary

• Write 4 “how” or “why” questions
• One question for each factor of production +
entrepreneur
• How does a...
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Tues factors of production

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Tues factors of production

  1. 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. 2. Label Cornell notes • Factors of production • “How would I start or expand a business” Questions or Comments ????? ????? ?????
  3. 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. 4. “Free Market” Economic System • Laissez Faire – French for “leave alone” • Guided by “invisible hand” • Stossel clip
  5. 5. What keeps our economy moving?
  6. 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. 7. Factors of Production • Items we need to be in business • 3 categories
  8. 8. Land • Any natural resource – Rosemont mine example
  9. 9. • People working • Wages $ • Benefits Labor
  10. 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. 11. Capital • Goods used to create other goods/services • Usually the largest cost for entrepreneurs • Explanation for “Capitalism”
  12. 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. 13. Let’s build a new Circle K! 1 Land 2 Labor 3 Capital
  14. 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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