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Unit I: Basic Principles of Economics

Unit I: Basic Principles of Economics. Review your four Factors of Production. Have your homework out and ready to be collected!. Factors of Production : the resources used in the production process. LAND: natural resources, not man- made

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Unit I: Basic Principles of Economics

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  1. Unit I: Basic Principles of Economics Review your four Factors of Production Have your homework out and ready to be collected!

  2. Factors of Production: the resources used in the production process • LAND: natural resources, not man- made • Make a list of ten examples of natural resources used in production; ex) sunlight & lumber

  3. Factors of Production LABOR: human efforts, abilities and/or skills; includes both blue and white collar Make a list of ten labor positions used in production; ex, teacher & farmer

  4. Factors of Production CAPITAL: anything manmade that is used to produce; tools, equipment, factories, technology Financial Capital: the money used to buy capital goods used in production Make a list of ten capital goods used in production; ex) computer & hammer

  5. Factors of Production Entrepreneurs: risk-takers hoping to achieve a profit from either inventing a product or starting a business Make a list of ten real life entrepreneurs; either living or passed on, ex) Bill Gates & Dave Thomas

  6. Time for Scattegories!! One piece of paper per group: Land Labor Capital You will be given an Entrepreneur and must list two examples of each factor that goes into job. Each correct answer is one point. Any answer another group has gets crossed off. The group with most points at end wins prize.

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