Entrepreneurs

How an entrepreneur takes a risk, combining resources to try to make a profit.

Warm-up, learn, try it together, practice, then a quick check. About 15 minutes.

What children learn in Level 66

The fourth productive resource is entrepreneurship. An entrepreneur is a person who takes a risk to start a business.
Maya has an idea: a lemonade stand! Maya combines natural resources, lemons and water; human resources, Maya's own work; and capital resources, a pitcher and a table.
Maya spends $5 on lemons, sugar, and cups. That's the cost. Maya sells $12 of lemonade. The profit is the money left over: 12 minus 5 is $7.
That's the risk: if it rains and nobody buys lemonade, Maya loses the $5. Entrepreneurs take risks to try to make a profit.

Georgia Standards of Excellence in Social Studies:

SS3E1.d — Entrepreneurship (risk-taking and combining natural, human, and capital resources in an attempt to make a profit)