An Economic Way of Thinking 🧠

🎯 Learning Targets

• Define economics
• Identify the factors of production
• Determine the goal of entrepreneurship

⏰ What We Did

• Watched and took instructional notes on Lesson 1, Part 1: An Economic Way of Thinking
• Used the instructional notes from Lesson 1, Part 1 to answer the following questions in complete sentences:

1. Define economics, consumer, producer, good, service, resource, factor of production, natural resource, human resource, capital resource, capital good, consumer good, technology, entrepreneur, and entrepreneurship.
2. What are the key influences on daily economic decisions?
3. Give one example of each of the following: natural resources, human resources, and capital resources.
4. Why might a person become an entrepreneur? What characteristics might someone need to be a successful entrepreneur?

⚙️ Resources

• Lesson 1 Instructional Notes
• Lesson 1, Part 1: An Economic Way of Thinking

💻 Homework

• Watch and take notes on Lesson 1, Part 2: Scarcity and Choice, before class tomorrow