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ECONOMICS. Factors of Production Notes. What is Economics?. Economics is the study of how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants. An economy is based on a system of economic activity in a country, region, or community.

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economics

ECONOMICS

Factors of Production Notes

what is economics
What is Economics?
  • Economics is the study of how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants.

An economy is based on a system of economic activity in a country, region, or community.

what is economic activity
What is Economic Activity?

An economic activity is based on the production [making] and distribution [moving] of goods [what you buy] and services [how you are helped].

www.alliancetractortrailer.com/ training_shots

slide4

Production – making goodsDistribution – moving goodsGoods – items you buyServices – things you do for someone else; how you are helped

slide5
Based on the definitions on the last slide, do you think this is a good picture to describe ECONOMIC ACTIVITY?

Why or why not?

www.kcee.wichita.edu/ documents/postercontest

4 main factors of production
4 MAIN FACTORS OF PRODUCTION

In order to understand economic activity, it is important to look at the factors that are necessary to produce the goods.

Use the graphic organizer to fill in the definitions, examples, and influences of each of the four factors of production.

factor 1 natural resources land
FACTOR 1NATURAL RESOURCES --- LAND

A natural resourceis anything that is part of the Earth and which people need and value [worth something].

examples of natural resources
EXAMPLES OF NATURAL RESOURCES

Two categories--- Non-renewable resources like coal, oil, natural gas, iron, salt, etc. and Renewable resources like fish/animals, timber (lumber, wood, trees), plants, soil, etc.

From Science class, can you think of at least 4 more natural resources that would be of value to our lives?

factor 2 human resources labor force
FACTOR 2HUMAN RESOURCES --- LABOR FORCE

The labor force is the human work force available.

examples of labor force
EXAMPLES OF LABOR FORCE

Workers and employees can come from all areas of society, including teenagers, adults, men, women, etc.

In the past, other work force consisted of indentured servants, slaves, prisoners of war, etc.

factor 3 capital resources money
FACTOR 3CAPITAL RESOURCES --- MONEY

Capital resourcesinclude the material wealth in the form of money or property/tools used to generate economic wealth

examples of capital resources

EXAMPLES OF CAPITAL RESOURCES

Capital resources include cash, money, bartered items, credit, loans, machinery used in production, etc.

factor 4 entrepreneurship people with ideas
FACTOR 4ENTREPRENEURSHIP---PEOPLE WITH IDEAS

Anentrepreneuris a risk-taking business person; also someone who takes a risk in creating a business or enterprise.

examples of entrepreneurs

EXAMPLES of ENTREPRENEURS

Mark Cuban, owner of the Dallas Mavericks

Ray Kroc, founder of McDonald’s

Steve Jobs, founder of Apple

Bill Gates, owner of Microsoft

slide15
WHAT WOULD HAPPEN IF ANY OF THESE… NATURAL RESOURCES, HUMAN RESOURCES, OR CAPITAL RESOURCES …WERE IN SHORT SUPPLY?

Brainstorm ideas and list at

least 2 or 3.

now let s practice
Now let’s practice….

Natural Resources Human Resources

Capital Resources Entrepreneurship

What would a dairy farm owner be a part of in the factors of production?

What would the “dairy milkers” be a part of in the factors of production?

What would the pastureland be a part of in the factors of production?

What would the banker who approves the farm loan be a part of in the factors of production?