Factors of Production. Objectives: Define production Enumerate the factors of production Identify...
-
Upload
mildred-jefferson -
Category
Documents
-
view
242 -
download
0
Transcript of Factors of Production. Objectives: Define production Enumerate the factors of production Identify...
![Page 1: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/1.jpg)
Factors of Production
![Page 2: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/2.jpg)
Objectives:
Define production Enumerate the factors of
production Identify the four forms of
income
![Page 3: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/3.jpg)
Illustrate the Circular Flow of Goods and Services/Production Process
![Page 4: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/4.jpg)
Identify problems and issues concerning the four factors of production
![Page 5: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/5.jpg)
Make a creative output showing possible solutions to the identified problems
![Page 6: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/6.jpg)
Production
Creation of goods and services
Objective:
Satisfaction of human needs and wants
![Page 7: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/7.jpg)
Factors of Production
LAND
![Page 8: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/8.jpg)
LABOR
![Page 9: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/9.jpg)
CAPITAL
![Page 10: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/10.jpg)
ENTREPRENEURSHIP
![Page 11: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/11.jpg)
HOUSEHOLDSFIRMS
goods and services
factors of production
payment for goods and services
forms of income
Circular Flow of Goods and Services
![Page 12: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/12.jpg)
Land
![Page 13: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/13.jpg)
Characteristics
Limited Fixed The value may appreciate or
depreciate.
![Page 14: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/14.jpg)
Rent
Payment for the use of land Stimulate construction of new
spaces Promote efficient maintenance Allocate existing resources
![Page 15: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/15.jpg)
Factors affecting RENT
Demand Population Fertility/ rainfall Location/ accessibility Peace and order
![Page 16: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/16.jpg)
Rent Control
Protects consumers Discourages construction of new
spaces
![Page 17: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/17.jpg)
Ponder on this…
Is land reclamation a solution to the reality of having limited and fixed land?
![Page 18: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/18.jpg)
Labor
![Page 19: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/19.jpg)
Terms:
Labor Force Labor Force Participation Rate Employment Unemployment Underemployment Wage
![Page 20: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/20.jpg)
Indicators April, 2013 April, 2012 April, 2011
Population 15 years and over
64 m 62.8 m 61.8 m
Labor Force 40.9 m 40.6 m 39.7 m
Labor Force Participation Rate
63.9 % 64.7 % 64.2 %
Employment Rate 92.5 % 93.1 % 92.8 %
Unemployment Rate
7.5 % 6.9 % 7.2 %
Underemployment Rate
19.2 % 19.3 % 19.4 %
(source: Labor Force Survey)
![Page 21: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/21.jpg)
Read and analyze the data…
Write three significant observations or conclusions about the labor figures.
![Page 22: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/22.jpg)
Capital
Physical or man-made resources Goods used in the production of other
goods
![Page 23: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/23.jpg)
Depreciation
Decrease in the usefulness of capital goods
Wear and tear of capital goods
![Page 24: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/24.jpg)
Accumulation of Capital
Savings BANKS Loans
FIRMS
Investment
![Page 25: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/25.jpg)
Interest
Payment for the use of capital
Php
![Page 26: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/26.jpg)
Watch the video on PPP and answer the question below…
Would you consider the PPP as an effective and efficient way to increase the country’s capital resources? Why? Cite three reasons.
![Page 27: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/27.jpg)
Entrepreneurship
Organization and management of all the other factors of production to produce goods and services
![Page 28: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/28.jpg)
Profit
Excess of receipts over expenditures
Total Revenue-Total Cost
![Page 29: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/29.jpg)
Qualities
Visionary Energetic Dedicated Resourceful Innovative Creative Risk-taker
![Page 30: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/30.jpg)
Ponder on this…
Is education necessary to become a successful entrepreneur?
![Page 31: Factors of Production. Objectives: Define production Enumerate the factors of production Identify the four forms of income.](https://reader030.fdocuments.net/reader030/viewer/2022033100/5697bf821a28abf838c860d9/html5/thumbnails/31.jpg)
Recap
How important are the following in attaining economic growth? Land Labor Capital Entrepreneurship