The other activity sheets at the end of the unit will reinforce the application of other economic concepts. 2.18 Students understand economic principles and are able to make economic decisions that have consequences in daily living. 2.30 Students evaluate consumer products and services and make effective consumer decisions. 3.4 Students demonstrate the ability to be resourceful and creative. 6.3 Students expand their understanding of existing knowledge by making connections with new knowledge, skills, and experiences.
Profit is an important incentive that leads entrepreneurs to accept the risks of business failure.
Tell students that they are going to learn about a famous Kentucky entrepreneur named John Schnatter. Ask if anyone knows who he is. Explain that an entrepreneur is a risk-taking human resource who organizes other productive resources to produce goods and services for profit. Finally, tell students that competition-the struggle among sellers to provide goods and services to consumers at the lowest possible prices faced by everyone who goes into business. Many businesses are successful because of specialization.