1. Unit I: Basic Principles of Economics
Review your four Factors of Production
Have your homework out and ready to be collected!

2. Factors of Production: the resources used in the production process
LAND: natural resources, not man- made
Make a list of ten examples of natural resources used in production; ex) sunlight & lumber

3. Factors of Production
LABOR: human efforts, abilities and/or skills; includes both blue and white collar
Make a list of ten labor positions used in production; ex, teacher & farmer

4. Factors of Production
CAPITAL: anything manmade that is used to produce; tools, equipment, factories, technology
Financial Capital: the money used to buy capital goods used in production
Make a list of ten capital goods used in production; ex) computer & hammer

5. Factors of Production
Entrepreneurs: risk-takers hoping to achieve a profit from either inventing a product or starting a business
Make a list of ten real life entrepreneurs; either living or passed on, ex) Bill Gates & Dave Thomas

6. Time for Scattegories!! One piece of paper per group:
Land Labor Capital
You will be given an Entrepreneur and must list two examples of each factor that goes into job.
Each correct answer is one point.
Any answer another group has gets crossed off.
The group with most points at end wins prize.