Economics Is Everywhere

•Round 1 you look for 3 goods & services•Round 2 you look for 3 factors of production

• Look at each of 8 photographs and identify three goods and services for each.

• You have 1 minute to look at each picture.

• Identify three factors of production.

• For each items you identify as a factor of production, you must also accurately categorize it.

• You have 2 minutes for each picture this round.

• Next, we will read off those items identified and you will cross it off your list if it is a match.

• All items left on your list are worth 2 points.

Find a photograph of someone that shows examples of goods and services and factors of production. Identify three to five goods or services in the

photograph.Draw a line from each one to a caption that tells why it

is a good or a service.Identify two or three factors of production in the

photograph.Draw a line from each one to a caption that tells how it

is an example of land, labor, or capital.Finally, describe where the person is and why you think

he/she is there. Then identify the opportunity cost for being there.

Good: ProductTelephone

Good: ProductAmerican Flag

Good: ProductPicture Frame

FoP: LaborCommander in Chief

FoP: LandWool for curtains

FoP: CapitalTelephone

President Kennedy in the Oval Office working on

legislation.Opportunity cost: Camp

David w/ the kids