Standards

3.E.1 Understand how the location of regions affects activity in a market economy.

3.E.1.1 Explain how location impacts supply and demand.

3.E.1.2 Explain how locations of regions and natural resources influence economic development (industries developed around natural resources, rivers and coastal towns).

3.E.2 Understand entrepreneurship in a market economy.

3.E.2.1 Explain why people become entrepreneurs.

3.E.2.2 Give examples of entrepreneurship in various regions of our state.

Vocabulary

goods, services, producer, consumer, supply, demand, scarcity, natural resources, renewable, nonrenewable, conserve, entrepreneur, trade, manufacture, economy

Essential Questions

1. How does the location of resources impact the price of resources?

2. How does access to resources impact the economy and influence a person's decision to settle in a particular region or area?

3. Why do people become entrepreneurs?