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Wednesday. Fun Facts ???? Let’s finish Storage Wars , “ Railroad Roulette” Grid sheet answers for Dino Dollars?!?! We’ll be doing a mini-project in the library on Friday (Lab 1) Notes on the Factors of Production CLASSWORK: Key Terms for tomorrow. The Factors of Production.

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wednesday
Wednesday
  • Fun Facts????
  • Let’s finish Storage Wars, “Railroad Roulette”
  • Grid sheet answers for Dino Dollars?!?!
  • We’ll be doing a mini-project in the library on Friday (Lab 1)
  • Notes on the Factors of Production

CLASSWORK: Key Terms for tomorrow

slide2

The Factors

of Production

LA LA(gs)CAP’EN

I’ll

Explain…

slide3
Factors of production: resources of land, labor, capital & entrepreneurship used to produce goods/services
a land natural resources existing without human intervention
A. Land: natural resources existing without human intervention
  • surface land, water, minerals, fish, animals, trees… “gifts of nature”

LA

b labor human resources efforts directed toward producing goods services
B. Labor: human resources & efforts directed toward producing goods & services
  • Goods: items people can buy – medicine, clothing, cars
  • Services: activities done for others for a fee – doctors, hair stylists, dog-walkers

LA(gs)

c capital previously manufactured goods used to make other goods services
C. Capital: previously manufactured goods used to make other goods/ services

Machines, buildings, tools used to build cars = “capital goods”/ the car itself = “consumer goods”

These are

CAPITAL GOODS

used to make

CONSUMER GOODS

CAP

can capital goods consumer goods mix yes example building a taxicab or fedex truck why
Can capital goods & consumer goods mix?..... Yes!Example: building a taxicab or FedEx truck…. Why??

}

}

A factory (capital good) creates a taxi car(consumer good)

BUT

The taxi car also provides a service to people as a taxicab (capital good)

when capital is combined with land labor the value of all 3 factors of production increases
When capital is combined with land & labor, the value of all 3 factors of production increases

An uncut diamond (land) + diamond cutter (labor) + diamond cutting machine (capital) = BLING!

capital increases productivity
Capital increases productivity

Productivity: greater quantities of goods & services are produced in better & faster ways

  • Electronic $$ counter counting $1,000 vs a you counting $1,000
slide10

D. Entrepreneurship: the ability of individuals to start new businesses, introduce new products & processes & improve management techniques

  • Willing to take risks in order to reap profits
  • Must absorb the costs of failed efforts
  • 30% of new business enterprises fail – of the 70% that survive, only a few become very successful

EN

slide11
Technology: use of science to develop new products & methods for efficiently producing & distributing goods & services
  • Computer vs. typewriter vs. printing press vs. pencil vs. feather & ink
effect on income wealth
Effect on Income & Wealth
  • The distribution of factors of production affects a person/ nation’s income
    • The more land & capital you have, the richer you’ll most likely be
    • The greater your entrepreneurial skills, the more income you’ll most likely make
    • The more natural resources your country is sitting on, the richer your nation will most likely be
    • The less, the poorer...
slide13

Key Terms to be Completed by Tomorrow (#7-15):This one’s for points! 9gp assignment – you need DEFINITION & 1 EXAMPLE (memory device) to get full credit.

  • Factors of Production
  • Land
  • Labor
  • Capital goods
  • Consumer goods
  • Services
  • Productivity
  • Entrepreneurship
  • Technology

1 definition

+

1 example (mem. dev.)

=

Credit!!!!!

factors of production
Factors of Production

Factors of Production: resources of land, labor, capital & entrepreneurship used to _____________________________________

When capital is combined with ________& ____________, the value of all 3 factors of production increases

An uncut diamond (land)

+

diamond cutter (labor)

+

diamond cutting machine (__________)

= VALUE!! (bling)

  • _____________: natural resources existing without ____________________________
  • - land, water, minerals, fish, animals, trees “gifts of nature”
  • B. ______________: human resources & efforts directed toward producing goods & services
  • ____________: items people can buy – medicine, clothing, cars
  • _____________________: activities done for others for a fee
    • * doctors, hair stylists, dog-walkers
  • C. _______________: previously manufactured goods used to make other goods/ services
  • Machines, buildings, tools used to build cars = “______________goods”
  • The car itself = “ _____________ goods”
  • *They CAN mix!!!! (think….taxicab)

LA

LA(gs)

CAP’

EN

  • Effect on Income & Wealth
  • The distribution of factors of production affects a person/ nation’s ________________
  • The more land & capital you have, the __________you’ll most likely be
  • The greater your entrepreneurial skills, the more income you’ll most likely make
  • The more natural resources your country is sitting on, the richer your nation will most likely be
  • The less, the poorer...
  • Capital increases productivity
    • ________________________: greater quantities of goods & services are produced in better & faster ways
      • Electronic $$ counter counting $1,000 vs a person counting $1,000
  • D. ___________________________: the ability of individuals to start new businesses, introduce new products & processes & improve management techniques
  • Willing to take ___________in order to reap __________
  • Must absorb the costs of failed efforts
  • ____% of new business enterprises fail – of the 70% that survive, few are successful
  • ______________________: use of science to develop new products & methods for efficiently producing & distributing goods & services
  • Computer vs. typewriter vs. printing press vs. pen/pencil vs. feather & ink