1. Goals: The students will understand: 1. Basic economic language. 2. The three factors of production. 3. Why labor and entrepreneurship are in different categories of resources. 4. An example of entrepreneurs. (Shark Tank)

2.  Begin by reading Section 3of Chapter 1in the text pp. 24 – 27. ◦ Take notes on the vocabulary words

3.  Goods and Services: ◦ Tangible v. Intangible ◦ Goods ◦ Utility ◦ Disutility ◦ Services  Resources: ◦ Renewable ◦ Nonrenewable

4.  Land  Labor  Capital  Entrepreneurship

5.  http://viewpure.com/vcr_9HN8z0w http://viewpure.com/vcr_9HN8z0w