1. Factors (Means) of Production : Everything needed to produce goods or services goods = services =

2. Factors of Production : Everything needed to produce goods or services goods = physical objects services =

3. Factors of Production : Everything needed to produce goods or services goods = physical objects services = actions one person performs for another

4. Factors of Production Land Labor Capital

5. Factors of Production Land All natural resources that are used to produce goods and services. Labor Capital

6. Factors of Production Land All natural resources that are used to produce goods and services. Labor Any effort a person devotes to a task for which that person is paid. (wages or other forms) Capital

7. Factors of Production Land All natural resources that are used to produce goods and services. Labor Any effort a person devotes to a task for which that person is paid. (wages or other forms) Capital Any human-made resource that is used to create other goods and services.

8. Two Kinds of Capital Physical capital = any physical item made by someone that is used to produce something else Human capital= Skills, training or knowledge a person needs to perform a job

9. Classify the Factors of Production in the following scenario: Land = green Labor = blue Capital (physical) = red Capital (human) = purple You decide to order a pizza to satisfy your wants. First, you picked up the telephone and gave your order to the manager who entered it into her computer. This information came up on the head chef’s monitor in the kitchen and he assigned it to one of his cooks. The cook was busy mixing dough out of salt, flour, eggs, and milk. The cook finished mixing the dough, washed his hands in the sink, and prepared your pizza using tomato sauce, cheese, spinach and sausage. He then placed the pizza in the oven. Within 10 minutes the pizza was cooked and placed in a cardboard box. The delivery guy then grabbed your pizza, jumped in the company car, and delivered it to your door.

10. Classify the Factors of Production in the following scenario: Land = green Labor = blue Capital (physical) = red Capital (human) = purple You decide to order a pizza to satisfy your wants. First, you picked up the telephone and gave your order to the manager who entered it into her computer. This information came up on the head chef’s monitor in the kitchen and he assigned it to one of his cooks. The cook was busy mixing dough out of salt, flour, eggs, and milk. The cook finished mixing the dough, washed his hands in the sink, and prepared your pizza using tomato sauce, cheese, spinach, and sausage. He then placed the pizza in the oven. Within 10 minutes the pizza was cooked and placed in a cardboard box. The delivery guy then grabbed your pizza, jumped in the company car, and delivered it to your door.

11. Classify the Factors of Production in the following scenario: Land = green Labor = blue Capital (physical) = red Capital (human) = purple You decide to order a pizza to satisfy your wants. First, you picked up the telephone and gave your order to the manager who entered it into her computer. This information came up on the head chef’s monitor in the kitchen and he assigned it to one of his cooks. The cook was busy mixing dough out of salt, flour, eggs, and milk. The cook finished mixing the dough, washed his hands in the sink, and prepared your pizza using tomato sauce, cheese, spinach and sausage. He then placed the pizza in the oven. Within 10 minutes the pizza was cooked and placed in a cardboard box. The delivery guy then grabbed your pizza, jumped in the company car, and delivered it to your door.

12. Classify the Factors of Production in the following scenario: Land = green Labor = blue Capital (physical) = red Capital (human) = purple You decide to order a pizza to satisfy your wants. First, you picked up the telephone and gave your order to the manager who entered it into her computer. This information came up on the head chef’s monitor in the kitchen and he assigned it to one of his cooks. The cook was busy mixing dough out of salt, flour, eggs, and milk. The cook finished mixing the dough, washed his hands in the sink, and prepared your pizza using tomato sauce, cheese, spinach and sausage. He then placed the pizza in the oven. Within 10 minutes the pizza was cooked and placed in a cardboard box. The delivery guy then grabbed your pizza, jumped in the company car, and delivered it to your door.

13. Classify the Factors of Production in the following scenario: Land = green Labor = blue Capital (physical) = red Capital (human) = purple You decide to order a pizza to satisfy your wants. First, you picked up the telephone and gave your order to the manager who entered it into her computer. This information came up on the head chef’s monitor in the kitchen and he assigned it to one of his cooks. The cook was busy mixing dough out of salt, flour, eggs, and milk. The cook finished mixing the dough, washed his hands in the sink, and prepared your pizza using tomato sauce, cheese, spinach and sausage. He then placed the pizza in the oven. Within 10 minutes the pizza was cooked and placed in a cardboard box. The delivery guy then grabbed your pizza, jumped in the company car, and delivered it to your door.

14. Classify the Factors of Production in the following scenario: Land = green Labor = blue Capital (physical) = red Capital (human) = purple You decide to order a pizza to satisfy your wants. First, you picked up the telephone and gave your order to the manager who entered it into her computer. This information came up on the head chef’s monitor in the kitchen and he assigned it to one of his cooks. The cook was busy mixing dough out of salt, flour, eggs, and milk. The cook finished mixing the dough, washed his hands in the sink, and prepared your pizza using tomato sauce, cheese, spinach and sausage. He then placed the pizza in the oven. Within 10 minutes the pizza was cooked and placed in a cardboard box. The delivery guy then grabbed your pizza, jumped in the company car, and delivered it to your door.