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.
CLASSWORK: Key Terms for tomorrow
Machines, buildings, tools used to build cars = “capital goods”/ the car itself = “consumer goods”
used to make
A factory (capital good) creates a taxi car(consumer good)
The taxi car also provides a service to people as a taxicab (capital good)
An uncut diamond (land) + diamond cutter (labor) + diamond cutting machine (capital) = BLING!
Productivity: greater quantities of goods & services are produced in better & faster ways
D. Entrepreneurship: the ability of individuals to start new businesses, introduce new products & processes & improve management techniques
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.
1 example (mem. dev.)
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)