Overview of Today’s Class 1. Review our last class 2. Discuss today’s concept: resources 3. Activity – “Get Connected” board game 4. Review what we learned.

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Presentation transcript:

Overview of Today’s Class 1. Review our last class 2. Discuss today’s concept: resources 3. Activity – “Get Connected” board game 4. Review what we learned today

Review: last class Businesses Businesses Goods Goods Services Services Profit Profit

Review: last class Entrepreneur Entrepreneur Innovation Innovation Free Enterprise Free Enterprise Advertising Advertising

Today’s Concept: Resources What were some of the business ideas you developed? What were some of the business ideas you developed? What are some of the things these businesses use to produce their goods or services? What are some of the things these businesses use to produce their goods or services?

Today’s Concept: Resources Resources: something of value that you use Resources: something of value that you use What are the three kinds of resources? What are the three kinds of resources?

Today’s Concept: Resources Natural resources Natural resources

Today’s Concept: Resources Human Resources Human Resources

Today’s Concept: Resources Capital Capital

Today’s Concept: Resources Technology is a kind of capital resource Technology is a kind of capital resource

Resources at a job

The availability of resources How do businesses get the resources they need? How do businesses get the resources they need? Since resources cost money, and businesses have limited money, we say that business’ supply of resources is scarce. Since resources cost money, and businesses have limited money, we say that business’ supply of resources is scarce.

Opportunity Cost Since resources are scarce/limited, businesses have to choose carefully how to use them Since resources are scarce/limited, businesses have to choose carefully how to use them The second best way to use a resource is called its opportunity cost. The second best way to use a resource is called its opportunity cost. Example: rock band Example: rock band

Activity – Get Connected Game

Review What are resources? What are resources? What are the three kinds of resources? What are the three kinds of resources? What kind of resource are you? What kind of resource are you? Lesson for the day: Study hard to build YOUR human resources! Lesson for the day: Study hard to build YOUR human resources!