Once upon a time… Leah had an idea! I want to make a lemonade stand!

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Presentation transcript:

Once upon a time… Leah had an idea! I want to make a lemonade stand!

So, she asked her grand-dad to build her a lemonade stand. Can’t sell lemonade without a stand. Thanks Grand-dad!

She got a pitcher… And a long wooden spoon…

She squeezed some lemons… And a little water… Added some sugar…

LEMONADE !! And made

Lemonade for sale !

FACTORS OF PRODUCTION *FREE ENTERPRISE/MARKET ECO. *Citizens are free to create any business they want. The government does not care – as long as the business is not harming other citizens in any way. *An economy that allows business owners to compete in the market with very little government interference.

FACTORS OF PRODUCTION *ENTREPRENEUR So…Leah had the idea for a lemonade stand, and made it happen! *An entrepreneur is the person that brings together all the resources in order to produce the goods or provide the service.

FACTORS OF PRODUCTION ENTREPRENEUR Leah is an entrepreneur!

FACTORS OF PRODUCTION *LABOR RESOURCES *Labor resources are the workers that are needed with appropriate knowledge, skills, and experience to make goods or provide services.

FACTORS OF PRODUCTION LABOR RESOURCES Leah’s Grand-Dad was her #1 labor resource! He built her this AWESOME lemonade stand!

FACTORS OF PRODUCTION *CAPITAL RESOURCES *Capital resources are the machines, factories, and supplies needed.

FACTORS OF PRODUCTION CAPITAL RESOURCES Leah can use and re-use her pitcher and spoon, so they are both considered capital resources.

FACTORS OF PRODUCTION CAPITAL RESOURCES The lemonade stand can be re-used, so it is a capital resource too!

FACTORS OF PRODUCTION *NATURAL RESOURCES *Natural resources are the raw materials used to make the goods.

FACTORS OF PRODUCTION NATURAL RESOURCES Leah used lots of natural resources! Lemons Water Sugar

Do you want to buy some delicious lemonade??