FACTORS OF PRODUCTION MS. SMITH ECONOMICS. WHAT GOES INTO MAKING A CANDY BAR?

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Presentation transcript:

FACTORS OF PRODUCTION MS. SMITH ECONOMICS

WHAT GOES INTO MAKING A CANDY BAR?

CLEAR YOUR DESKS List everything that you know goes into creating the candy bar that I placed on your desk. Think of as many things as you can until I tell you to stop.

WHAT ARE THE FACTORS OF PRODUCTION? Land Labor Capital Entrepreneurship

LAND Land is the economic resource encompassing natural resources found within a nation’s economy. This resource includes timber, land, fisheries, farms and other similar natural resources. Land is usually a limited resource for many economies.

LABOR Labor represents the human capital available to transform raw or national resources into consumer goods. Human capital includes all able-bodied individuals capable of working. This factor of production is a flexible resource as workers can be moved to different areas. Human capital can be improved through training or educating workers.

CAPITAL Capital has two economic definitions as a factor of production. Capital can represent the monetary resources companies use to purchase natural resources, land and other capital goods. Capital also represents the major physical assets individuals and companies use when producing goods or services. These assets include buildings, production facilities, equipment, vehicles and other similar items.

ENTREPRENEURSHIP Entrepreneurship is considered a factor of production because economic resources can exist in an economy and not be transformed into consumer goods. Entrepreneurs usually have an idea for creating a valuable good or service and assume the risk involved with transforming economic resources into consumer products.

SO WHAT GOES INTO A CANDY BAR? Idea Money Workers Land Building Machinery Chocolate Nuts Nougat Wrapper Ink Managers Paper Trucks Packing boxes Distributors Carmel Sugar Advertiser Electricity Water Gas Stores

NOW THAT WE HAVE DISCUSSED SOME EXAMPLES Working independently use the list we come up with as a class develop a timeline of the production of the candy bar. Use different colors to label which category the item falls under in the factors of production.

ONCE YOU’RE FINISHED… Turn in your timelines and enjoy your candy bar! If you do not finish, complete for homework