Basic Economic Concepts

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Presentation transcript:

Basic Economic Concepts The Factors of Production and Human Capital Activity Purpose: Identify the primary resources needed to produce within the economy. Standard: SS.912.E.1.1 and 2.12

Goals Define and provide examples of the four factors of production. Identify methods to develop human capital.

I. Factors of Production Labor: all human attributes that are productive Land: all natural resources Capital (Physical and Human): productive equipment or machinery Entrepreneurship: Innovation and risk taking

I. Factors of Production Labor Grocery store clerk Lumberjack Land Water Dirt Capital Tools and machinery (physical capital) Skills and education (human capital) Entrepreneurship Innovators and risk-takers Steve Jobs or Mark Zuckerberg

II. Human Capital Activity Extra Credit if it is turned in with illustrations. II. Human Capital Activity Read the article as a group. DO NOT ANNOTATE. Decide which three of the “6 Ways” are most important you as a group, why, and write these three on a sheet of paper. Create examples for each member of the group of how they can use these avenues to boost their personal career goals. Write these on your sheet of paper.