Information & Activities Guide to Chapter 19.1 The Factors of Production

Reviewing Chapter 18 RE-define economy, goods, services, trade-offs, opportunity costs, revenue and types of costs.

What are the Factors of Production? Necessary resources to produce goods and services. Includes 4 categories: Land Labor Capital Management All 4 categories are needed to produce g/s. Do part 2 of sheet!

Circles of Knowledge Activity Clear you desk of all materials. Get in small groups of 3-4. Get a marker & paper then go to desk. You have 60 seconds to list as many uses as you can think of for that resource. Can’t repeat items, can’t be illegal in NC, must be a reasonable, legitimate use! Move in a clockwise motion to next station. Marker travels with the group.

Wrapping it Up Using your marker, mark out any repetitive answers (keep the one given first), ridiculous answers, illegal answers, etc. Be fair and honest! Total the number of responses by each color. Put the marker down when you are done.

REFLECTION: For p. 63 Write your original resource at the top of page. In a good paragraph, explain how you would use your resource if you really had it. Explain what natural resources you would need; how many and what kinds of workers you would need; what kinds of capital would you need to get your business venture off the ground; and whether or not you would be a successful entrepreneur in the business venture.

Tying it all together! What is GDP ? What does GDP measure? What does it NOT measure? What does GDP gauge about a nation? How does that relate to the factors of production? Go over questions from chart.

Assignment To complete questions, read 19.2 & The last section is asking you to apply the definition of interdependence to those social issues! Due tomorrow. Complete name tags for law enforcement seminar on Wednesday.