Unit 3: Lesson 19 - Earning an Income

Students examine the concept of income. They identify factors that generate in come, including entrepreneurial traits and changing conditions in labor markets. In learning how income is generated, students plan and make choices to enhance their own income-generating capacity.

Concepts:

• Entrepreneurship
• Income
• Entrepreneur
• Human Capital
• Labor
• Profit
• Capital

• Standard #4: Incentives
• Standard #9: Competition and Market Structure
• Standard #13: Income
• Standard #14: Entrepreneurship

Unit 4: Lesson 23 - Make a Profit: Do the Math

Working as consultant teams, students use basic math to compute fixed costs, total costs, marginal costs, total revenues, marginal revenues, and profits (or losses) for a business. They determine the profit-maximizing quantity of output for the business, and analyze their results in terms of marginal revenues and marginal costs.

Concepts:

• Marginal Analysis
• Profit
• Marginal Cost
• Marginal Revenue (MR)
• Total Cost (TC)
• Total Revenue (TR)

• Standard #2: Decision Making
• Standard #14: Entrepreneurship