Wednesday, January 31st Bell Work: 1. Give 3 examples of Scarcity

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Presentation transcript:

Wednesday, January 31st Bell Work: 1. Give 3 examples of Scarcity 2. Name the 4 factors of production Review Section 1 main ideas.

Needs and Wants Need – Basic essential for survival Food, Water, Shelter Want – Something you would like to have but don’t necessary need it for survival.

TINSTAAFL There Is No Such Thing As A Free Lunch

The idea that no matter what it is, if its free, it really isn’t The idea that no matter what it is, if its free, it really isn’t. Someone-somewhere is paying for that.

3 Basic Questions Making Choices What to Produce How to Produce What are people going to buy How to Produce Machine vs. Handmade For WHOM to Produce Who will buy your goods, what is your market.

Factors of Production Resources needed to produce things 1. Land 2. Capital 3. Labor 4. Entrepreneurs

Land Any Natural Resource Thought of as Fixed or limited Can be actual land Minerals Water Wind Thought of as Fixed or limited

Capital Tools/equipment used in production

Labor People who are in the work force Factors that effect labor Immigration Birthrates War Famine/disease

Entrepreneurs Risk takers who invest in the economy looking for profit.

Practice Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Shelter Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Car Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Workers Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Computer Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

IPhone Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Machine Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Clothing Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

River Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Food Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Waiter Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Computer Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Bulldozer Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Wind Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Copper Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Education Need – Stand up Want – Sit down Land – Stand up and raise right arm Capital – Stand and look out the windows Labor – Stand and turn back to the front of the room

Work Pg. 10 Answer 2-7 Pg. 11Read about the Start of Under Armour. Answer questions 1 and 2.