1. To kick off the day, brainstorm a list of common needs and wants such as food items, clothing, or entertainment expenses. Next to each item on your list, note which ones you would classify as needs and which ones you would classify as wants!
2. Why are people affected by scarcity regardless of their income? Would you agree with the statement that there is no such thing as a free lunch?
3. Take a moment to identify the factors of production for a t-shirt business. In a small group, discuss the land, labor, capital and entrepreneurship that would be required to establish a business that designs and sells t-shirts. Be as thorough as possible as you develop this list. Each individual will need to write a brief summary highlighting the factors of production needed to start this business.
4. Why might businesses in one country seek natural resources or other materials needed for production in other parts of the world?
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