Warm-Up Identify the continents and oceans.

New ToC Entry Factors of Production 3/6/15 pg. 127- 128 Do not lose your Scarcity paper from yesterday – we’ll be reviewing the answers the Monday that we come back from spring break.

Factors of Production These are the inputs needed to produce goods and services. Yesterday, when we talked about the materials/resources needed to create a product, we were talking about the factors of production.

Services – Jobs that people do for other people in return for pay Goods – Materials that are produced for people to buy or things that can be seen and touched Ex. A book Services – Jobs that people do for other people in return for pay Ex. A bookseller

The Four Factors are… NATURAL RESOURCES LABOR CAPITAL ENTREPRENEURSHIP

NATURAL RESOURCES “Gifts of nature” that make production possible, including: -Land -Water -Animals -Minerals

LABOR The term “labor” refers to the nation’s workforce. This can include anyone who works to produce good and services.

CAPITAL The manufactured goods used to make other goods and services. Examples include:

ENTREPRENEURSHIP Entrepreneurs are individuals who start new businesses, introduce new products, and improve a process. Some Famous entrepreneurs that you might recognize…