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LAND- EVERYTHING THAT COMES FROM THE EARTH FOR PRODUCTION Ex.) OIL, LUMBER, WATER, ETC. PowerPoint PPT Presentation


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LAND- EVERYTHING THAT COMES FROM THE EARTH FOR PRODUCTION Ex.) OIL, LUMBER, WATER, ETC. LABOR- HUMAN EFFORT, TIME & TALENT IN PRODUCING GOODS & SERVICES Ex.) DOCTORS, FACTORY WORKERS, ETC. CAPITAL- RESOURCES MADE & USED BY PEOPLE TO PRODUCE & DIST. GOODS Ex.) FACTORIES, MACHINES, ETC.

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LAND- EVERYTHING THAT COMES FROM THE EARTH FOR PRODUCTION Ex.) OIL, LUMBER, WATER, ETC.

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Land everything that comes from the earth for production ex oil lumber water etc

LAND-

EVERYTHING THAT COMES FROM THE EARTH FOR PRODUCTION

Ex.)

OIL, LUMBER, WATER, ETC.


Land everything that comes from the earth for production ex oil lumber water etc

LABOR-

HUMAN EFFORT, TIME & TALENT IN PRODUCING GOODS & SERVICES

Ex.) DOCTORS, FACTORY WORKERS, ETC.


Land everything that comes from the earth for production ex oil lumber water etc

CAPITAL-

RESOURCES MADE & USED BY PEOPLE TO PRODUCE & DIST. GOODS

Ex.)

FACTORIES, MACHINES, ETC.


Land everything that comes from the earth for production ex oil lumber water etc

ENTREPRENEURSHIP-

VISION, SKILL, INGENUITY, WILLINGNESS TO TAKE RISKS, NEEDED TO START & RUN A NEW BUSINESS

Ex.)

ANYONE WHO STARTS A BUSINESS


Land everything that comes from the earth for production ex oil lumber water etc

You decide to start a hotdog stand as a business. List the factors of production you’ll need in order to have a successful business.


Land everything that comes from the earth for production ex oil lumber water etc

OPPORTUNITY COST: the value of the next best alternative, or what you give up by choosing one alternative over another

  • In life, we are forced to make CHOICES. For every decision you make, you are giving something up. This is called a TRADE-OFF. When we assign a value to this, we call it OPPORTUNITY COST. It’s like when you’re taking a road trip. You have to make a choice:

SCENIC ROUTE

HIGHWAY

  • What is your opportunity cost?

  • What is your trade-off?


Land everything that comes from the earth for production ex oil lumber water etc

You have $2,500 to purchase a car. Will you buy an old car or use the money as a down payment on a new car? Fill in the decision-making grid below.

What is your decision?


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