What choices would you make?

Warm Up:

Write today’s date & answer;

How would Pizza Hut answer the Three Basic Questions?

Factors of Production:

the resources used to produce all things

•LAND: natural resources, not man-made

•Make a list of ten examples of natural resources used in production; ex) sunlight & lumber

Factors of Production

LABOR: human efforts, abilities and/or skills;

Make a list of ten labor positions used in production;

ex, teacher & farmer

CAPITAL: anything manmade that is used to produce other things; tools, equipment, factories, technology

Financial Capital: the money used to buy capital goods used in production

Make a list of ten capital goods used in production; ex) computer & hammer

Factors of Production

ENTREPRENEURS: risk-takers hoping to achieve a profit and organize the factors from either inventing a product or starting a business

Make a list of ten real life entrepreneurs; either living or passed on, ex) Bill Gates & Dave Thomas

Factors of Production

ALL THINGS HAVE L L COOL “E” NOT “J”!!

What are the four Factors of Production? GIVE an Example.

• Land

• Labor

• Capital

• Entrepreneur

Grouping Factors

Can you categorize the four factors of production?

Rearrange the pictures into their appropriate groupings and then illustrate at least 2 of EACH factor into your notebook.

Top Ten10. Gorilla

9. Tiger8. Camel7. Bear

6. Moose5. Buffalo4. Giraffe

3. Rhinoceros2. Hippopotamus

1. Elephant