Bellringer Full sheet of paper1. List three businesses that would be very expensive

to start2. What would be some of their costs?

3. List three businesses that would be relatively inexpensive to start

4. What would be some of their costs?

Review:

• Skilled labor

• Unskilled labor

• Entrepreneurs need land, labor and capital

Types of costs• Variable costs: change in short run• Electricity, water• Labor, raw materials

• Fixed costs: do not change in short run • capital goods, factories, equipment• rent, insurance• Licenses, vehicles

Business start up analysis

• NFL team:

• Variable costs:• At least 5 Skilled or unskilled labor positions?

• Fixed costs:

Business start up analysis

• Landscaping company:

• Variable costs:• At least 5 Skilled or unskilled labor positions?

• Fixed costs:

Business start up analysis

• Tomato growing company

• Variable costs:• At least 5 Skilled or unskilled labor positions?

• Fixed costs:

Business start up analysis

• App writing company

• Variable costs:• At least 5 Skilled or unskilled labor positions?

• Fixed costs:

Business start up analysis

• Silk screening company

• Variable costs:• At least 5 Skilled or unskilled labor positions?

• Fixed costs:

Business start up analysis

• Barber shop

• Variable costs:• At least 5 Skilled or unskilled labor positions?

• Fixed costs:

Closure questions1. Considering what you learned today, why aren’t there more hospitals in Arizona?2. What do you think three of the most common types of businesses in Arizona AND WHY?3. Do the businesses in #1 require more skilled or unskilled labor?4. Why do you think wages in Arizona are higher or lower than most states?5. How could the state of Arizona tax businesses to make them variable costs?6. How could the state of Arizona tax businesses to make them fixed costs?

Min Wage reading questions

1. Graph paragraph #22. How do employers react to min. wage increase?

(pg 3-4)3. How does the author think employees will to react

to getting the low skilled jobs? (pg 6-7)4. Would the author support reducing the minimum

wage for people aged 15-20?5. Using your S/D graph, describe of 2 benefits to the

economy if the minimum wage was reduced for people aged 15-20.

Quantitative easing +10

• Find an editorial on the internet regarding a minimum wage change.

• Using economic reasoning, write a paragraph support or oppose the author.

• Email it to: travis.klein@tusd1.org