Entrepreneurship: Understanding Scarcity of Resources in Entrepreneurship

Objectives:

• Define scarcity of resources and its significance in entrepreneurship.
• Explain the relationship between scarcity and opportunity cost.
• Analyze how scarcity affects decision-making in an entrepreneurial venture.

National Standards:
Complies with NBEA Entrepreneurship 2023 Standard IV.A.4: Define scarcity of resources.

Materials:

• Panel of judges (Students can serve as judges)
• Activity Handouts