Year 10 GCSE Business Studies

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Presentation transcript:

Year 10 GCSE Business Studies Factors of Production Year 10 GCSE Business Studies

There were no cats in the world What if… There were no cats in the world

Mobile phones were banned What if… Mobile phones were banned

Learning Outcomes £ To know the FOUR Factors of Production. ££ To understand and explain the ‘economic problem’. ££ To apply the term ‘opportunity cost’ to a given business situation.

The PURPOSE behind a ‘business’ Produce goods Supply goods Provide a service Help people

Question!!! Why isn’t everyone in the world owning their own businesses, and making their own fortunes?

FOUR Factors of Production (divide page into 4) Introducing the FOUR Factors of Production (divide page into 4)

1) Land & raw materials Businesses need ‘land’ – oil, gas, trees, plants Raw materials help to manufacture products The world does not have an unlimited supply SCARCITY

2) Labour – workforce Every business needs workers Sometimes it is easy to find workers – other times, a job may require highly skilled staff that are harder to find. Write down some examples of jobs where it is easy to find workers. Write down some examples of jobs where it is harder to find workers. SCARCITY

3) Capital – machinery, equipment and money! Capital – money needed to start and maintain a business. A business will never really have the amount of money it would like. SCARCITY

4) Enterprise Are you like this? If not then…? SCARCITY Entrepreneurs Have an idea Ability to take risks Ability to persuade others to join the business and perhaps lend some money Have the energy to keep the business going Are you like this? If not then…? SCARCITY

Come up with some of your OWN business scenarios. Opportunity Cost What are you doing at the weekend? Any plans? I have £10 to spend Where could I go? ‘A’ will cost me £8 ‘B’ will cost me £8 Can I do BOTH? Why not? Come up with some of your OWN business scenarios.

An example of an Opportunity Cost

Why can large supermarkets sell goods cheaply and still make a profit? Discuss Why can large supermarkets sell goods cheaply and still make a profit?

Which services are provided free of charge? How are the service providers paid?

Plenary Think of some ‘Opportunity Cost’ ‘-situations that you had over the summer holidays.