Goals: The students will understand: 1. Basic economic language. 2. The three factors of production. 3. Why labor and entrepreneurship are in different categories of resources. 4. An example of entrepreneurs. (Shark Tank)
Begin by reading Section 3of Chapter 1in the text pp. 24 – 27. ◦ Take notes on the vocabulary words
Goods and Services: ◦ Tangible v. Intangible ◦ Goods ◦ Utility ◦ Disutility ◦ Services Resources: ◦ Renewable ◦ Nonrenewable
Land Labor Capital Entrepreneurship