The Economics of Income: If You're So Smart, Why Arent You Rich?
The purpose of this lesson is to help you explore the relationship between education and income. Income is earned from one's resources. Those resources might be natural resources (oil field, farm land), capital resources (man-made resources that are used in the production of goods and services: computers, factories, sewing machines), entrepreneurship (the ability to organize the other factors to produce goods or services or labor.) Most people earn their income by selling their labor. The lesson will focus on the following question: "Why do some people earn more income from their labor than others?"
KEY CONCEPTS
Capital Resources, Entrepreneurship, Income, Natural Resources
INTRODUCTION
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If You're So Smart...
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The Rich Nations Mystery
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Which "Wood" You Choose?
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If You're So Smart, Why Aren't You Rich?
The purpose of this lesson is to help you explore the relationship between education and income. Income is earned from one's resources. Those resources might be natural resources (oil field, farm land), capital resources (man-made resources that are used in the production of goods and services: computers, factories, sewing machines), entrepreneurship (the ability to organize the other factors to produce goods or services or labor.) Most people earn their income by selling their labor. The lesson will focus on the following question:
"Why do some people earn more income from their labor than others?"
Now go on to Part 1
RESOURCES
EDUCATOR REVIEWS
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“The links to interactive activities only take students to another lesson. Where are the links to the activities? [EconEdLink: The activities are in each link labeled "Part 1,2,3...For example if you click on "Part 1" there is an activity for that lesson under the header "Activity." The links take you to another lesson because together those three lessons help you explore the relationship between education and income.]”
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“None of the interactive links or activities worked? EconEdLink: The interactives should be working now.”
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“Can you place the links back into the unit? This unit looks really interesting to try. EconEdLink: The links should be working. Thank you for your comment.”