1. Factors of Production

2. Today’s Learning Target:
Identify and explain the four factors of production.
Describe the significance of an entrepreneur.
May require more than one slide

3. Do Now:
List everything you can think of that is involved in the production of this pencil…

4. In pairs: Create categories for each item on your list.

5. Factors of Production Capital Land
Physical capital
    Any human-made resource used to produce other goods and services.  Includes: the equipment, tools, machinery, new technology, factories and buildings.
 Human capital
The knowledge and skills a worker gains through education and experience.  A college degree, training, on-the-job experience are all examples of human capital.
Land
Land includes all natural resources, minerals and other raw materials.   These resources all tend to be scarce.
Labor
Labor is the effort that a person devotes to a task for which that person is paid.
Entrepreneur
Entrepreneurs are people who organize land, labor, and capital to make goods and services. This individual assumes risk for the business in order to make a profit.

6. Activity #1 Make four headings: Capital, Entrepreneur, Land, and Labor
Activity #1 Make four headings:  Capital, Entrepreneur, Land, and Labor. Place these items under the correct heading:

7. DIRECTIONS: Use the magazines to make a collage of the 4 factors of production.
Capital (Physical and at least one human capital)
Land
Labor
Entrepreneur

8. The dictionary says an entrepreneur is, "A person who organizes and manages a business, assuming the risk for the sake of profit." In short, an entrepreneur is a businessperson who does these things:
Sees an opportunity for making money
Makes a plan
Starts the business (ASSUMES THE RISK)
Manages the business
Receives the profit

9. Some well know entrepreneurs:

10. You be the entrepreneur:
Decide on an opportunity for making money: new product/app or service
Name your business/product
Make a plan: How will your business work? What will you do? How will you get funding? (MINIMUM OF 10 STEPS WITH DETAILS)
What FOP will you need in order for your business to be a success?
How will you know when your business is successful?
May require more than one slide

11. Exit Ticket
1-4. List the 4 factors of production. 5. A tractor is an example of what factor of production? 6. The person who combines land, labor, and capital to produce a product is the….

12. Cost Analysis

13. Project Schedule and Milestones
January 10
Milestone 2
April 10
Milestone 3
July 10
Milestone 4
October 10

14. Risk Management Plan Risk Probability Impact Owner Mitigation Plan
Budget cuts may reduce staff, affecting project scope and schedule
Medium
High
Project Manager
See appendix for a phased implementation plan

15. Quality Management and Performance Measures
Define quality management plans
How will you monitor and control costs?
How will you monitor and control schedule?
May require more than one slide

16. Appendix
Reference supplementary materials and resources