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Warm-Up Identify the continents and oceans.
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New ToC Entry Factors of Production 3/6/15 pg Do not lose your Scarcity paper from yesterday – we’ll be reviewing the answers the Monday that we come back from spring break.
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Factors of Production These are the inputs needed to produce goods and services. Yesterday, when we talked about the materials/resources needed to create a product, we were talking about the factors of production.
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Services – Jobs that people do for other people in return for pay
Goods – Materials that are produced for people to buy or things that can be seen and touched Ex. A book Services – Jobs that people do for other people in return for pay Ex. A bookseller
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The Four Factors are… NATURAL RESOURCES LABOR CAPITAL ENTREPRENEURSHIP
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NATURAL RESOURCES “Gifts of nature” that make production possible, including: -Land -Water -Animals -Minerals
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LABOR The term “labor” refers to the nation’s workforce.
This can include anyone who works to produce good and services.
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CAPITAL The manufactured goods used to make other goods and services. Examples include:
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ENTREPRENEURSHIP Entrepreneurs are individuals who start new businesses, introduce new products, and improve a process. Some Famous entrepreneurs that you might recognize…
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