FSMS 7 th Grade Social Studies; Unit 3 Production, Distribution & Consumption (Factors Affecting Economic Growth) October 23 rd – 26 th ; Day Georgia Standard SS7E7a.b

Agenda Message: Agenda Message: Last week’s E.Q.’s & Warm-Ups were not posted until Sunday evening due to Mr. Smith’s error. Quiz this Friday Nov. 13 th on Economies. Prepare for Success by Studying your worksheets & Index Cards. Standard: Standard: Describe the factors that influence economic growth and examine their presence or absence in Israel, Saudi Arabia, and Iran E.Q. for Monday, 11/9/15 E.Q. for Monday, 11/9/15: What is the definition for Natural Resources? List four examples of Natural Resources. Warm Up: Warm Up: What are the three things that investment in Human Capital allows you to achieve? Today We Will Today We Will: 1. Factors that Influence Economic Growth for Capital 2. Start Worksheet on Israel, Saudi Arabia, Iran & factors that influence their economic growth.

E.Q. Answer for Monday, 11/9/15 E.Q. Answer for Monday, 11/9/15: Natural resources Natural resources are the raw materials a country has that make life and production of goods possible. (Land, water, forests, rich soil, and minerals are types of natural resources.) Warm-Up Answer: The more education and skills workers have; 1. The better they are able to work (productive) 2. Without mistakes (efficient), and 3. To learn new jobs as technology changes.

Agenda Message: Agenda Message: Progress Reports go home tomorrow. Economic & Government Quiz is Friday! CDA II is November 20 th. Standard: Standard: Describe the factors that influence economic growth and examine their presence or absence in Israel, Saudi Arabia, and Iran. E.Q. Tuesday, 11/10/15: E.Q. Tuesday, 11/10/15: What is the definition for Entrepreneur and why are Entrepreneurs important in a growing economy? Warm Up Warm Up: Name two synonyms for a Market Economy? Today We Will: 1. Cover Factor that Influence Economic Growth – Capital & Natural Resources

E.Q. Answer for Tuesday, 11/10/15: Entrepreneurs are creative, original thinkers who are willing to take risks to create new businesses and products. Entrepreneurs think of new ways to combine productive resources (natural resources, human capital, and capital) to produce goods and services that they expect to sell for a profit. Warm-Up Answer: Free Enterprise System Capitalism

Entrepreneurs Entrepreneurs Entrepreneurs are creative, original thinkers who are willing to take risks to create new businesses and products. Entrepreneurs think of new ways to combine productive resources (natural resources, human capital, and capital) to produce goods and services that they expect to sell for a profit.

Entrepreneurs cont. Israel Israel has created a positive environment for entrepreneurs. Government policies, including the country’s tax structure, encourage entrepreneurship and small businesses. Israel also has a program to train immigrants, Arab- Israelis, and people over 55 to start their own businesses.

Entrepreneurs cont. Saudi Arabia Saudi Arabia knows it needs to diversify its economy and is taking steps to help entrepreneurship. For example, it has cut the time it takes for an entrepreneur to make it through government requirements to start a business.

Entrepreneurs cont. Saudi Arabia cont. International investors are starting an Entrepreneur Institute in Saudi Arabia that supports new business owners and gives them a place to start a business. Finally, government reforms in Saudi Arabia are making it somewhat easier for small business to get off the ground.

Entrepreneurs cont. Iran The number of entrepreneurs in Iran is small, but it’s growing. An Iranian entrepreneur has to overcome many hurdles like; 1. Getting credit from a bank. 2. Many private investors who are wiling to lend money charge a very high rate interest 3. It is also difficult for an entrepreneur to hire good managers for a business because little training is available.