1. Basic Economic Concepts
The Factors of Production and Human Capital Activity
Purpose: Identify the primary resources needed to produce within the economy.
Standard: SS.912.E.1.1 and 2.12

2. Goals Define and provide examples of the four factors of production.
Identify methods to develop human capital.

3. I. Factors of Production
Labor:
all human attributes that are productive
Land:
all natural resources
Capital (Physical and Human):
productive equipment or machinery
Entrepreneurship:
Innovation and risk taking

4. I. Factors of Production
Labor
Grocery store clerk
Lumberjack
Land
Water
Dirt
Capital
Tools and machinery (physical capital)
Skills and education (human capital)
Entrepreneurship
Innovators and risk-takers
Steve Jobs or Mark Zuckerberg

5. II. Human Capital Activity
Extra Credit if it is turned in with illustrations.
II. Human Capital Activity
Read the article as a group. DO NOT ANNOTATE.
Decide which three of the “6 Ways” are most important you as a group, why, and write these three on a sheet of paper.
Create examples for each member of the group of how they can use these avenues to boost their personal career goals. Write these on your sheet of paper.