Random Fact of the Day! The face of Uncle Sam, the fictional personification of the United States, was modeled after a door-to-door salesman from Canada.

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Presentation transcript:

Random Fact of the Day! The face of Uncle Sam, the fictional personification of the United States, was modeled after a door-to-door salesman from Canada.

Chapter 19, Section 1 Economic Resources

Main Idea Four factors of production are required to produce goods and services!

Producing Goods and Services A. Goods- tangible products B. Services- work performed for someone else

C. 4 factors of production are needed to produce goods and services! 1. Natural resources 2. Labor

3. Capital 4. Entrepreneurs

1. 2. 3. 4.

Gross Domestic Product (426-427) Gross Domestic Product (GDP)- a measure of the size of an economy. It is the total value in dollars of final goods produced and serviced in a country. ***Does not include the sale of used goods.*** B. If the new GDP is higher than the previous year, the economy is growing!

GDP does not measure a society’s overall well-being ***GDP does not measure a society’s overall well-being. Other things such as crime, disease, and drug abuse can hurt a country.***

C. Standard of living- the quality of life based on possession of necessities and luxuries ***When the GDP grows faster than the population, there are more goods and services for all to enjoy!***

Mini Quiz!!! 1. Performing work for someone else? 2. Shoes, Shirt, Car…all examples of? 3. What is GDP? 4. What are the four factors of production?