Factors of Production Natural Resources Human Resources Capital Resources Entrepreneurship.

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Presentation transcript:

Factors of Production Natural Resources Human Resources Capital Resources Entrepreneurship

Natural Resources Any item that is provided by NATURE that can be used to produce goods and services – Nature: Found ON, IN or COMING into (sun) earth.

Dirt

Local Farming

The Wheat Trail Verndale’s Grist Mill

The Iron Range

Economic Impact

The Port of Duluth

Legacy of the Twin Ports and the Iron Range on US and World History

Steel Builds America

Economy built on Steel

Logging

Blandin Paper Mill

Logging Built America

How do we make it go? Natural Resources

Power

Human Resources Any HUMAN effort exerted during production Physical Labor Intellectual Labor

Physical Labor

Intellectual Labor

Capital Resources Manufactured materials used to create products CAPTIAL GOODS: – Buildings, structures, machinery and tools (Mall, factories, dams, computer, hammer) Capital goods are MANUFACTURED resources in making FINISHED PRODUCTS

Capital Resources

Entrepreneurship Organizing ability (yours and others) Risk taking ventures Starting a new business Introducing a new product Willing to risk economic FAILURE in return for finical gain.

Entrepreneurship Bill Gates Microsoft 2013 Net Worth $78.5 BILLION 2 nd richest man on EARTH IDEA…

Entrepreneurship IBM COMPUTERS

What can I make so people can use it?

Really Bill…the answer is NO NO NO OK…So don’t BUY it. Just give me a cut. IBM “Fat Cat” Gates OK Mr. Bad Idea, We will put this WINDOWS in. I risk nothing… A Mouse…how stupid. Why not call it a gerbil.

Nothing But an IDEA and Smarts

Factors of Production Natural Resources Human Resources Capital Resources Entrepreneurship

3 Basic Economic Questions What to produce? How to produce it? For whom to produce?