Welcome to Economics! Turn your homework into the box Grab your notebook and create an entry for “Factors of Production” Find a seat where you are free from distractions and be seated when the bell rings.

Do Now Think of the coolest pair of sneakers or shoes that you have ever seen. How do you think that pair of shoes was created or made? Try to describe as many of the steps in the process as possible. 5 minutes End

Objectives of the day: I can define and differentiate between the factors of production and the need for different resources in order to fully explain their importance in the production of everyday products.

QOD What does it take to create the things you want?

Goods vs. Services Goods- products that you can consume Ex. Sneakers, Food, etc. Services- An action that a person does for someone else Hair cut, medical check up, etc.

A bucket is strapped to this rubber tree to collect the latex Factors of Production The goods and services we want cannot be made without resources (factors of production.) A bucket is strapped to this rubber tree to collect the latex

We will define all four… Think of examples as you write! LABOR LAND FACTORS OF PRODUCTION We will define all four… Think of examples as you write! CAPITAL ENTREPRENEURSHIP

Land Resources Resources found in nature Examples: water, minerals, animals, and the forest Challenge: Come up with your own example and add it!

Dr. Beverly Tatum is the president of Spelman College in Atlanta, GA Labor Resources Any physical or mental work Examples: a news reporter, cashier, or college professor Dr. Beverly Tatum is the president of Spelman College in Atlanta, GA

FEDEX HEADQUARTERS: Memphis, TN Capital Resources Finished tools used to make or deliver other products Examples: machines, delivery trucks, buildings, or factories FEDEX HEADQUARTERS: Memphis, TN

Entrepreneurship New ideas, risk taking, or starting a business Examples: inventions and founders of companies

Directions: When a new resource is announced, call out its factor of production. FOR EXAMPLE: LABOR Doctor

CAPITAL Laptop

Founder of a Paper Company ENTREPRENEURSHIP Founder of a Paper Company

LAND Trees

Steve Jobs, creator of the iPod ENTREPRENEURSHIP Steve Jobs, creator of the iPod

Priest LABOR

60-Second Challenge Cotton Gold Hammer Truck Driver Oak Trees Telephone Accountant Corn Henry Ford Lawyer Cash Register Receptionist 0:19 0:20 0:18 0:16 0:15 0:21 0:17 0:23 0:27 0:28 0:26 0:25 0:14 0:24 0:22 0:13 0:03 0:04 0:02 0:01 1:00 End 0:05 0:06 0:11 0:12 0:10 0:09 0:07 0:08 0:29 0:31 0:51 0:52 0:50 0:49 0:47 0:48 0:53 0:54 0:59 1:00 0:58 0:57 0:55 0:56 0:46 0:45 0:36 0:37 0:35 0:34 0:32 0:33 0:38 0:39 0:43 0:44 0:42 0:41 0:40 0:30

Product Analysis Product: Desk Land: Tree, Metal Labor: Lumberjack, Truck Driver, Cashier Capital: Saw, Truck, Welding Machine Entrepreneurship: Company Owner, Inventor

End How Sneakers are Made? With your partner, read the article Identify the factors of production used in the manufacturing of sneakers Circle each FOP and label it as land, labor, capital, or entrepreneurship There will be more than one for each category 10 minutes End

Group work You and your partner will join another pair near you to create the following desk formation

End Group Work 1. Cut out the boxes below on the dotted lines. Be careful not to lose any of the slips! 2. Organize the boxes based on what business you think the productive resource would be used in. Your choices are: Restaurant, Bank, School, and a Textile Factory. 3. Organize the boxes based on what factor of production each would fall under. Your choices are: Land, Labor, Capital, and Entrepreneurship. 4. On the poster paper, glue the boxes organized by business and factor of production (Each FOP could fall under more than 1 business). You should make a chart, a web, or another form of graphic organization.

End By yourself You will be given a list of 6 different product. For each product you will list at least 2 items (try to name as many as you can) for each factor of production. Make the list in your notebook, this should be similar to the desk example we did earlier in class. 15 minutes End

Exit Ticket Clear your desks Silently and Independently

Homework Factors of Production Worksheet