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