1. Random Fact of the Day!
The face of Uncle Sam, the fictional personification of the United States, was modeled after a door-to-door salesman from Canada.

2. Chapter 19, Section 1 Economic Resources

3. Main Idea
Four factors of production are required to produce goods and services!

4. Producing Goods and Services
A. Goods- tangible products
B. Services- work performed for someone else

5. C. 4 factors of production are needed to produce goods and services!
1. Natural resources
2. Labor

6. 3. Capital
4. Entrepreneurs

8. Gross Domestic Product (426-427)
Gross Domestic Product (GDP)- a measure of the size of an economy. It is the total value in dollars of final goods produced and serviced in a country.
***Does not include the sale of used goods.***
B. If the new GDP is higher than the previous year, the economy is growing!

9. GDP does not measure a society’s overall well-being
***GDP does not measure a society’s overall well-being. Other things such as crime, disease, and drug abuse can hurt a country.***

10. C. Standard of living- the quality of life based on possession of necessities and luxuries
***When the GDP grows faster than the population, there are more goods and services for all to enjoy!***

11. Mini Quiz!!! 1. Performing work for someone else?
2. Shoes, Shirt, Car…all examples of?
3. What is GDP?
4. What are the four factors of production?