Who are Producers?. Person or people that make a good or provide a service (Sellers). Who are Consumers?. Person or people that use or purchase a good or a service (Buyers). (R21) The 4 Factors of Production. Today’s Standard. SS6E7
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Who are Producers? Person or people that make a good or provide a service (Sellers) Who are Consumers? Person or people that use or purchase a good or a service (Buyers)
Today’s Standard SS6E7 The student will describe the factors that cause economic growth and examine their presence or absence in Europe.
Intro to our Essential Question…….. What are the 4 Factors of Production?
What is Production? Production is: 1. How goods are made with resources 2. How services are performed **Production of any sort requires a resource or a combination of resources
1. Natural Resources Natural resources are gifts of nature that are used to make products. Examples: Plants, Mined Metals, Animals, Oil, Coal, Minerals, etc.
2. Human Resources Human resources (aka-Labor) include the people with skills necessary to produce a product or perform a service. Examples: Lumberjacks, Doctors, Teachers, Lawyers, Factory Workers, Truck Drivers, etc.
3. Capital Resources Capital resources are the tools and machines that humans need to turn natural resources into final products. Examples: Chainsaws, Trucks, Factories, Computers, Drills, Mining Rigs, etc.
4. Entrepreneurship Entrepreneurs are those people who come up with the idea for a product or service and bring the necessary resources together to make it happen. Basically……..the people with the idea.
Entrepreneurship These people are the brains & the money behind production. They have an idea, develop a plan to make that idea a reality, & implement the plan….. All in the hopes of making money. Ted Turner (CNN, Atlanta Braves) Russell Simmons (Def Jam Records, Phat Farm Clothing) Bill Gates (Microsoft) Oprah Winfrey (Harpo Industries)
4 Factors of Production Foldable Activity Directions: Using computer paper, you will produce a foldable study guide focusing on the 4 factors of production. Each Factor will have a designated page on which you will include a description, illustration(s), and examples of each factor of production. Grading Criteria: ***Each Page/Factor will be worth 25%----Description (10%) Examples (5%) Color Illustrations (5%) Correctly Labeled (5%)
Return to our Essential Question…….. What are the 4 Factors of Production?
Social Studies Entrepreneurship Activity ~Competition in a Market Economy~ P = Producer P P P P $$$$ The Money of Consumers $$$