1. Economics Is Everywhere

2. Round 1 you look for 3 goods & services
Round 2 you look for 3 factors of production 2

3. Awarding points 3

4. Round 1: Goods & Services
Look at each of 8 photographs and identify three goods and services for each.
You have 1 minute to look at each picture. 4

5. Red Dot—Why do you think that person is there
Red Dot—Why do you think that person is there? What might their opp cost be? 5

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13. Round 2: Factors of Production
Identify three factors of production.
For each items you identify as a factor of production, you must also accurately categorize it.
You have 2 minutes for each picture this round.
Next, we will read off those items identified and you will cross it off your list if it is a match.
All items left on your list are worth 2 points. 13

14. HW: Identify the Parts
Find a photograph of someone that shows examples of goods and services and factors of production.
Identify three to five goods or services in the photograph.
Draw a line from each one to a caption that tells why it is a good or a service.
Identify two or three factors of production in the photograph.
Draw a line from each one to a caption that tells how it is an example of land, labor, or capital.
Finally, describe where the person is and why you think he/she is there. Then identify the opportunity cost for being there. 14

15. Homework Example
President Kennedy in the Oval Office working on legislation.
Opportunity cost: Camp David w/ the kids
FoP: Land
Wool for curtains
FoP: Labor
Commander in Chief
Good: Product
American Flag
Good: Product
Telephone
Good: Product
Picture Frame
FoP: Capital
Telephone 15