1. “ECONOMICS IS EVERYWHERE!” - Factors of Production

2. Before We Begin:
Terms to Know

3. GOODS: Physical articles that have been produced for sale or use.
Examples: Food, Clothing, Cars
SERVICES: Work done by someone else for which a consumer, business, or government is willing to pay.
Examples: Teaching, Gardening, Childcare

4. Example:
Good:
Clock
Service: Teaching *

5. Factors of Production:
The resources used to make all goods and services!!! *

7. C. E. L. L. *

8. Goods & Services Land Labor Capital Entrepreneurs Water Forests
Wildlife
Labor
Time
Effort
Talent
Capital
Tools
Machines
Equipment
Physical & Human
Entrepreneurs
Vision
Energy
Organization
Uses Other 3 Resources
Goods & Services *

9. Example: Land: Trees (Paper) Labor: Time Teaching
Physical Capital: Desks, Books
Human Capital: Education *

10. Scarce Resources = Scarce Goods & Services!

11. Do You Have What it Takes to be an Entrepreneur?
The Real Sweet Martha

12. Pencil and Resources
Video on Pencil

13. Four Factors of Production

31. Combination of productive resources = advanced goods and services