Use Ch. 19 UNIT VI – Fundamentals of Economics Factors of Production Use Ch. 19 UNIT VI – Fundamentals of Economics

What is Economics?

We all have… Needs (with ex.)– Wants (with ex.) –

We satisfy our needs and wants through… Goods What are they and example… Services What are they and example…

Four Factors of Production Resources necessary to produce goods and services

1.____________ Examples:

2.____________ Varying types Blue Collar – White Collar – Examples:

3.______________ Examples:

Capital v. Consumer Goods Capital goods: What is it and give example. Consumer goods: What is it and give example.

4. Entrepreneurship Individuals who… 1. 2. 3. Examples: