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goods and services n.
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Goods and Services

Goods and Services

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Goods and Services

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  1. Goods and Services Goods = physical objects Services = actions or activities that one person performs for another

  2. List all the Goods and Services you can think of in our economy • GOODS • SERVICES

  3. Factors of Production The resources that are used to make all goods and services Economists identify Four Factors of Production: Land, Labor and Capital (Physical and Human)

  4. Land • All natural resources (materials found in nature) used to produce goods and services.

  5. Labor • The effort a person devotes to a task for which the person is paid.

  6. Capital • Any human-made resource used to produce other goods and services • There are two types: physical and human

  7. Physical Capital • Human-made objects used to create other goods and services

  8. Human Capital • Knowledge and skills a worker gains through education and experience

  9. Chocolate Chip Cookies Partner Activity • Imagine an alien from Mars just arrives on earth and has developed a taste for Chocolate Chip Cookies • Make an extensive list of EVERYTHING needed to produce chocolate chip cookies. • Label each thing you listed as one of the four factors of production.

  10. Chocolate Chip Cookies Partner Activity

  11. McDonald’s French Fries Partner Activity • Make an extensive list of EVERYTHING needed to produce McDonald’s French Fries • Label each thing you listed as one of the four factors of production.

  12. Choose a product that you use frequently. Write a paragraph in which you explain the production of this product. Specifically identify each of the four factors of production