Economics

Essential Question What are the main things that a business owner must focus on?

Key vocab Income Expenses Profit Quality Entrepreneur Employees Working conditions Government restrictions

Why do people (entrepreneurs) start a business?

How do entrepreneurs determine their profit?

Step one Entrepreneurs hire employees Negotiate Do employees get a chair? ($5) What is the employees hourly salary?

Step two Design your widget Should hold a ruler off of the table More money is paid for Stability Ruler is higher off the table

Step three Businesses decide how much of the raw material needed to make widgets they will purchase Raw material costs $1 per card 1 minute to make widgets

Step 4 In one minute make as many high quality widgets as possible

Step 5 Determine the cost of your widget

Step 6 sell your widget to the consumer

Step 7 Calculate your profit What are you going to do differently next time

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Key vocab Income Expenses Profit Quality Entrepreneur Employees Working conditions Government restrictions