1. Welcome to Economics! Turn your homework into the box
Grab your notebook and create an entry for “Factors of Production”
Find a seat where you are free from distractions and be seated when the bell rings.

2. Do Now
Think of the coolest pair of sneakers or shoes that you have ever seen. How do you think that pair of shoes was created or made? Try to describe as many of the steps in the process as possible.
5 minutes
End

3. Objectives of the day:
I can define and differentiate between the factors of production and the need for different resources in order to fully explain their importance in the production of everyday products.

4. QOD
What does it take to create the things you want?

5. Goods vs. Services Goods- products that you can consume
Ex. Sneakers, Food, etc.
Services- An action that a person does for someone else
Hair cut, medical check up, etc.

6. A bucket is strapped to this rubber tree to collect the latex
Factors of Production
The goods and services we want cannot be made without resources (factors of production.)
A bucket is strapped to this rubber tree to collect the latex

7. We will define all four… Think of examples as you write!
LABOR
LAND
FACTORS OF PRODUCTION
We will define all four…
Think of examples as you write!
CAPITAL
ENTREPRENEURSHIP

8. Land Resources Resources found in nature
Examples: water, minerals, animals, and the forest
Challenge: Come up with your own example and add it!

9. Dr. Beverly Tatum is the president of Spelman College in Atlanta, GA
Labor Resources
Any physical or mental work
Examples: a news reporter, cashier, or college professor
Dr. Beverly Tatum is the president of Spelman College in Atlanta, GA

10. FEDEX HEADQUARTERS: Memphis, TN
Capital Resources
Finished tools used to make or deliver other products
Examples: machines, delivery trucks, buildings, or factories
FEDEX HEADQUARTERS: Memphis, TN

11. Entrepreneurship New ideas, risk taking, or starting a business
Examples: inventions and founders of companies

12. Directions: When a new resource is announced, call out its factor of production.
FOR EXAMPLE:
LABOR
Doctor

13. CAPITAL
Laptop

14. Founder of a Paper Company
ENTREPRENEURSHIP
Founder of a Paper Company

15. LAND
Trees

16. Steve Jobs, creator of the iPod
ENTREPRENEURSHIP
Steve Jobs, creator of the iPod

17. Priest
LABOR

18. 60-Second Challenge
Cotton
Gold
Hammer
Truck Driver
Oak Trees
Telephone
Accountant
Corn
Henry Ford
Lawyer
Cash Register
Receptionist
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19. Product Analysis
Product: Desk Land: Tree, Metal Labor: Lumberjack, Truck Driver, Cashier Capital: Saw, Truck, Welding Machine Entrepreneurship: Company Owner, Inventor

20. End How Sneakers are Made? With your partner, read the article
Identify the factors of production used in the manufacturing of sneakers
Circle each FOP and label it as land, labor, capital, or entrepreneurship
There will be more than one for each category
10 minutes
End

21. Group work
You and your partner will join another pair near you to create the following desk formation

22. End
Group Work
1. Cut out the boxes below on the dotted lines. Be careful not to lose any of the slips!
2. Organize the boxes based on what business you think the productive resource would be used in. Your choices are: Restaurant, Bank, School, and a Textile Factory.
3. Organize the boxes based on what factor of production each would fall under. Your choices are: Land, Labor, Capital, and Entrepreneurship.
4. On the poster paper, glue the boxes organized by business and factor of production (Each FOP could fall under more than 1 business). You should make a chart, a web, or another form of graphic organization.

23. End By yourself You will be given a list of 6 different product.
For each product you will list at least 2 items (try to name as many as you can) for each factor of production.
Make the list in your notebook, this should be similar to the desk example we did earlier in class.
15 minutes
End

24. Exit Ticket
Clear your desks
Silently and Independently

25. Homework
Factors of Production Worksheet