1. What choices would you make? Warm Up: Write today’s date & answer; How would Pizza Hut answer the Three Basic Questions?

2. Factors of Production: the resources used to produce all things 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; Make a list of ten labor positions used in production; ex, teacher & farmer

4. CAPITAL: anything manmade that is used to produce other things; 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 Factors of Production

5. ENTREPRENEURS: risk-takers hoping to achieve a profit and organize the factors 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 Factors of Production

6. ALL THINGS HAVE L L COOL “E” NOT “J”!! What are the four Factors of Production? GIVE an Example. L and L abor C apital E ntrepreneur

7. Grouping Factors Can you categorize the four factors of production? Rearrange the pictures into their appropriate groupings and then illustrate at least 2 of EACH factor into your notebook.

8. Top Ten 10. Gorilla 9. Tiger 8. Camel 7. Bear 6. Moose 5. Buffalo 4. Giraffe 3. Rhinoceros 2. Hippopotamus 1. Elephant