Entrepreneurship

In Social Studies we have been talking about entrepreneurs. One of the concepts that we have been trying to understand is how an entrepreneur has the responsibility of organizing the human resources, natural resources and capital goods that are needed to make a product. In class we have watched two quick videos on how certain things are made. The first video was about how baseballs are made and the second showed us how sparklers are made. While the students watched the video, they wrote down the natural resources, capital good, and human resources they found.

Another idea that we have been trying to understand is the idea of profit and loss. When we have been thinking about these concepts, we have been thinking about lemonade stands.

The ideas of profit and loss connect back to this idea of gathering the human resources, capital goods, and natural resources to make a product. Hopefully the students can start to understand that when you first sell a cup of lemonade it does not mean you have made a profit. The lemonade stand will need to sell enough lemonade to cover the production costs.

You could reinforce these ideas at home by talking about what resources would go into making the products you buy out and about in town.

Hope you are having a great week and that the Reds can keep scoring 16 runs a game!!