1. Factors of Production Natural Resources Human Resources Capital Resources Entrepreneurship

2. Natural Resources Any item that is provided by NATURE that can be used to produce goods and services – Nature: Found ON, IN or COMING into (sun) earth.

3. Dirt

5. Local Farming

6. The Wheat Trail Verndale’s Grist Mill

7. The Iron Range

10. Economic Impact

11. The Port of Duluth

12. Legacy of the Twin Ports and the Iron Range on US and World History

13. Steel Builds America

14. Economy built on Steel

15. Logging

16. Blandin Paper Mill

17. Logging Built America

18. How do we make it go? Natural Resources

19. Power

20. Human Resources Any HUMAN effort exerted during production Physical Labor Intellectual Labor

21. Physical Labor

22. Intellectual Labor

23. Capital Resources Manufactured materials used to create products CAPTIAL GOODS: – Buildings, structures, machinery and tools (Mall, factories, dams, computer, hammer) Capital goods are MANUFACTURED resources in making FINISHED PRODUCTS

24. Capital Resources

27. Entrepreneurship Organizing ability (yours and others) Risk taking ventures Starting a new business Introducing a new product Willing to risk economic FAILURE in return for finical gain.

28. Entrepreneurship Bill Gates Microsoft 2013 Net Worth $78.5 BILLION 2 nd richest man on EARTH IDEA…

29. Entrepreneurship IBM COMPUTERS

30. What can I make so people can use it?

31. Really Bill…the answer is NO NO NO OK…So don’t BUY it. Just give me a cut. IBM “Fat Cat” Gates OK Mr. Bad Idea, We will put this WINDOWS in. I risk nothing… A Mouse…how stupid. Why not call it a gerbil.

32. Nothing But an IDEA and Smarts

33. Factors of Production Natural Resources Human Resources Capital Resources Entrepreneurship

34. 3 Basic Economic Questions What to produce? How to produce it? For whom to produce?