3rd Grade Social Studies
Productive Resources
Unit 7
Unit 7
Productive Resources, Entrepreneurship, Goods and Services, and Our Economy.
Government Goods and Services
What are the different government goods and services? Who pays for them?
Government goods and services include:
Schools
Libraries
Roads
Police and Fire Departments
Military
All government goods and services are paid for through taxes. Everyday, with every purchase, we pay taxes to the government.
Productive Resources
What are they?
Productive Resources are the resources used to make goods and services. There are three productive resources:
Human Resources: Human resources is the set of the people who make up the workforce of an organization, business sector, industry, or economy.
Natural Resources: Natural Resources are the resources supplied by nature. They include ores, trees, land and the other things nature provides.
Capital Resources: Capital resources are goods produced and used to make other goods and services. Basic categories of capital resources include tools, equipment, buildings, and machinery.
Entrepreneurship
What is it? Why is it important to us?
Entrepreneurship is the activity of setting up a business or program and taking on financial risks in the hope of turning a profit.
Financial Risk: Spending money without knowing if it will pay off.
Profit: The money you make after paying back the funds it took to start a business. For example, if you spend $20 to start a lemonade stand, and you sell $100 worth of lemonade, your profit is $80! (100-20=80)
Steve Jobs is an "entrepreneur" because he founded Apple Inc., the company that makes iPhones!
You don't have to start a big company to be an entrepreneur! Starting a lemonade stand, mowing your neighbors lawns, or starting a club at your school are all examples of being an entrepreneur even if you're not an adult.
Entrepreneurship is all about taking initiative, this means that as soon as you have an idea or see a need, you take action to make that idea happen or to make someone else's life better!