Factors of Production Natural Resources- Anything from the Earth used to satisfy people’s needs for food, clothing, and shelter Labor- Effort expanded.

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Presentation transcript:

Factors of Production Natural Resources- Anything from the Earth used to satisfy people’s needs for food, clothing, and shelter Labor- Effort expanded by people to create goods and services Capital- Human made resources that are used to produce other goods and services Entrepreneur- Individual who recognizes opportunities and uses resources to implement innovative ideas for new, thoughtfully planned ventures

Loeb “Levi” Strauss  Born in Buttenheim, Bavaria February 26, 1829  At 18, He moved to New York City and opened a dry goods store with his brothers

1853, California Gold Rush Took the Isthmus of Panama to San Francisco Moved to take the business to outfit the miners

Put his shop right next to the waterfront Why?? Made clothes for laborers Metal rivets at the points of strain

Moved business to Market Street but he lost some of the detailed information in How?

Factory Linen Thread Cotton Manufacturer Advertiser Indigo Plants Indigo Dye Tailor Pencil Sewing Machine Copper Electric Saw Designers Natural Resources CapitalLabor

Natural Resources Cotton Indigo Plants Copper Capital Factory Linen Thread Pencil Sewing Machine Electric Saw Indigo Dye Labor Designers Manufacturer Advertiser Tailor