1. Factors of Production—resources that are used to make all goods and services.
creating goods and services with the combined use of land, labor, capital (equipment/materi als), and entrepreneurship.
What will my product look like?
What are the factors of production needed?

2. Natural Resources (Land)
Not created by humans – water, coal, fuel, forest, land, minerals, natural metals, etc.
These are the most scarce of all resources

3. Human Resources (Labor)
Any effort a person devotes to a task and gets paid for.
All workers are human resources. Some do physical labor and others do mental labor.
Population growth, immigration, famine, war, and disease have had a dramatic impact on both quantity and quality of labor.

4. Capital Resources
Any human-made resource that is used to create other goods and services
Physical Capital – All human made goods that are used to produce other goods and services; tools and buildings
Human Capital – The skills and knowledge gained by a worker through education and experience

5. Entrepreneur The brains of the operation.
Take risks to develop new ideas and start businesses.
Looking for a profit. Drives the economy

6. Factors of Production Drawings
In class you have learned about the many different factors that go into producing a single product. Now is your turn to show your knowledge of what factors of production go into everyday objects that you use. On white sheet of paper, you will draw a picture of a product , label the factors of production, and give examples. Please remember to think of simple products that you know what is involved in producing this product.
Rubric:
Neatness /10 points
Labels and writing are clear and easy to understand.
The product drawing is colorful and distinguishable.
Labeling /15 points
All four factors of production are listed.
There are at least three examples of each factor of production.
The student attempted to label all possible factors of production.