Four Productive Resources Day 2:

Four Productive Resources Day 2:

Human Capital and Entrepreneurship

Multiple Select

Which of the following are the two productive resources we have already learned about?

• Capital Goods

• Entrepreneurship

• Human Resources

• Natural Resources

Human Capital

These are the "skills to pay the bills."

Its the knowledge, experience, and skills humans have that allow them make things and to do specific jobs.

Open Ended

What is an example of human capital you can think of?

Why Pay for Human Capital?

• Jobs that employ people have skill requirements.

• When countries invest in human capital, such as education or training for their citizens, it is easier to hire people to fill these higher paying jobs with skilled employees.

• Employees who are highly skilled make more, increasing the country's GDP.

Multiple Choice

The more education a country provides, the ____________ that country's economy will be.

• stronger

• weaker

• smaller

How do countries rank how educated they are?

Countries get ranked based on how many people out of their whole population can read and write. This is called their literacy rate.

Poll

What impact do you think a country's literacy rate will have on how nice their people's houses, cars, and food will be?

• Countries with higher literacy rates will have nicer houses, cars, and food.

• Countries with lower literacy rates will have nicer houses, cars and food.

• Countries with high literacy rates will have worse houses, cars, and food.

Standard of Living

How nice or the quality level of housing, cars, and other material goods a country has available.

​

The higher a country's literacy rate is, the higher that country's standard of living will be.

Poll

Do you think the area you live in has a high standard of living?

• Yes

• No

Entrepreneurship

• An innovator, creator, or small business starter who assumes the risk to bring their ideas and products into the market.

• These small business starters gather together all the productive resources and the risk that goes with that to bring their designs and ideas into the market.

Multiple Select

What action(s) in the following choices below do entrepreneurs perform?

• Take on risk to solve problems for their communities.

• Create jobs for their communities

• Create problems for their communities

• Invent new products that revolutionize people's lives.

Risky Business

• Entrepreneurship drives business growth at big risks to the entrepreneur's own health, wealth, and well-being.

• People who start businesses provide job opportunities and products a community may need.​

• ​Governments can support small businesses by helping to lower the costs with incentives.

Poll

What famous entrepreneurs have you heard of?

• Steve Jobs

• Oprah Winfrey

• Fusajiro Yamauchi

• Daymond John

• Walt Disney