1. Economics

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

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

4. Why do people (entrepreneurs) start a business?

5. How do entrepreneurs determine their profit?

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

7. 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

8. 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

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

10. Step 5
Determine the cost of your widget

11. Step 6
sell your widget to the consumer

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

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