“ECONOMICS IS EVERYWHERE!” - Factors of Production.
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Transcript of “ECONOMICS IS EVERYWHERE!” - Factors of Production.
“ECONOMICS IS EVERYWHERE!”
- Factors of Production
Before We Begin:
Terms to Know
• GOODS: Physical articles that have been produced for sale or use.
– Examples: Food, Clothing, Cars
• SERVICES: Work done by someone else for which a consumer, business, or government is willing to pay.
– Examples: Teaching, Gardening, Childcare
Example:
Good:Clock
Service: Teaching
The resources used to make all goods and services!!!
Factors of Production:
C. E. L. L.
LandWater
Forests
Wildlife
LaborTime
Effort
Talent
CapitalTools
Machines
Equipment
Physical & Human
EntrepreneursVision
Energy
Organization
Uses Other 3 Resources
Goods & Services
Example:Land:Trees
(Paper)
Labor: Time Teaching
Physical Capital: Desks, Books
Human Capital:
Education
Scarce Resources =
Scarce Goods & Services!
Do You Have What it Takes to be an Entrepreneur?
The Real Sweet Martha
Four Factors of Production
Combination of productive resources = advanced goods and services