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ENTREPRENEURSHIP
&FACTORSOF PRODUCTION
Mr. Klein
9/4/2012
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Understand What anEntrepreneur is.1
Create Own BusinessIdea.2 Identify 3 Factors of
Production and HowThey Come Together in aBusiness.
3
Todays Objectives
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SoWhat is anEntrepreneur?
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Definition of Entrepreneur
Literally (in French)risk taker
A person who organizes, manages andassumes the risk of a
business enterprise.
More simply someone whotakes an idea and turns it into a
business venture.
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So What is Our Goal in Business?
To make aPROFIT!!
Profit = $$ left
over afterexpenses paid
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Why is Entrepreneurship Important?
Entrepreneurshipis the ENGINE of
our economy
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Great Entrepreneurs:
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Never too young to be an Entrepreneur
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In Your Groups:
1. Decide on an idea for abusiness you could start atyour
age.
Must be Legal andAppropriate!!!
2. Give your business a name.
Report out in 3 minutes.
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Now:
Make a list of all the
things you need tostart your business
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THREE FACTORSOF PRODUCTION
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What Are the 3 Factors of Production?
1.Land
2.Labor3.Capital
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1. Land
NOT just soil!
Can be ANY Natural Resource:
Water
Wind
Coal Oil
Metal
Trees
Plants
Rocks Minerals
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2. Labor
Exactly what you think:
Workers!
Can be you or
people you hire
Can use physical
or mental abilities
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3. Capital
Usually comes in two forms:1. Money (cash, stocks, bonds) to
invest in company;
2. Equipment Factories
Computers
Pencils Furniture
Vehicles
Machines
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In Your Groups:1. Look at your list for your
business.
2. Decide which category eachitem fits into (land, labor or
capital).
3. Write the appropriate category
next to each item on your list.
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1. Choose a Different Group
Presenter.
2. Present to the class ONE
example ofeach of the
three factors of production
needed to start yourbusiness
