Basic Economic Concepts

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Presentation transcript:

Basic Economic Concepts The Study of Economics Purpose: Identify the primary resources needed to produce within the economy.

I. Goals Define and provide examples of the four factors of production.

II. 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

II. 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