PRODUCTION

Social Studies 9

ECONOMICS

Week 5: August 16-20, 2021

OPENING PRAYER

ZOOMBITS

Reminders

Social Studies 9

ECONOMIC SYSTEMS

Review Activity

ECONOMIC SYSTEMS

Review Activity

A - 1st is Correct, 2nd is Wrong

​B - 1st is Wrong, 2nd is Correct

​C - Both Statements are True

​D - Both Statements are wrong

Multiple Choice

(1) An economic allocation is an act of distributing resources.

(2) The main goal of allocation is to efficiently allocate unlimited resources to satisfy one’s needs and wants

• A

• B

• C

• D

Multiple Choice

(1) The bases of economic decision-making in the traditional economy

are customs and traditions.

(2) The traditional economy generally repeats the decisions formulated and implemented in the earlier generation.

• A

• B

• C

• D

Multiple Choice

(1) Command economy is where the market is in control of the economic activities.

(2) Thus, the command economy follows

aissez-faire economics

• A

• B

• C

• D

Multiple Choice

(1) The market economy aims to provide services in support of the welfare of the people and the state.

(2) Market economy primarily operates mainly for profit.

• A

• B

• C

• D

Multiple Choice

(1) Mixed economies recognize the advantages of a market system because of competition.

(2) Likewise, it gives importance to government intervention in managing the economy.

• A

• B

• C

• D

BRING ME

Open Ended

WHAT WERE THE MATERIALS USED TO MAKE THAT PRODUCT?

Learning Targets

at the end of the lesson, I can:

at the end of the lesson, I can:

1. 1) Define the concept of economic production;

2. 2) Differentiate the types of resources;

3. 3) Enumerate the four factors of production; and

4. 4) Categorize economic resources into

5. four factors of production.

Learning Targets

FACTORS OF PRODUCTION

FACTORS OF PRODUCTION

inputs used to produce goods & services

Open Ended

NAME NATURAL AND RAW RESOURCES USED IN THAT PRODUCT

FACTORS OF PRODUCTION

1. LAND

FACTORS OF PRODUCTION

1. LAND

• natural & raw resources

• renewable & non-renewable

• value: demand, location & productivity

Multiple Choice

WHAT IS THE INCOME EARNED FROM 'LAND'?

• WAGE

• PROFIT

• RENT

• INTEREST

Open Ended

WHO DO YOU THINK

CREATED / PRODUCED IT?

BE SPECIFIC

FACTORS OF PRODUCTION

2. LABOR

FACTORS OF PRODUCTION

2. LABOR

• amount of time spent by workers

• physical and mental efforts

• human capital: education & trainings

Multiple Choice

WHAT IS THE INCOME EARNED FROM 'LABOR'?

• WAGE

• PROFIT

• RENT

• INTEREST

Open Ended

HOW WAS IT PRODUCED AND CREATED?

FACTORS OF PRODUCTION

3. CAPITAL

FACTORS OF PRODUCTION

3. CAPITAL

• physical, financial, & human resources

• facilitates raw to finished products

• (1)Financial Capital, (2) Fixed Capital, and (3) Durable Goods

Multiple Choice

WHAT IS THE INCOME EARNED FROM 'CAPITAL'?

• WAGE

• PROFIT

• RENT

• INTEREST

Open Ended

HOW WAS IT CONCEPTUALIZED AND SOLD TO THE MARKET?

FACTORS OF PRODUCTION

4. ENTREPRENEURSHIP

FACTORS OF PRODUCTION

4. ENTREPRENEURSHIP

• scientists and inventors

• market strategies & opportunities

• organization and decision-making

Multiple Choice

WHAT IS THE INCOME EARNED FROM 'ENTREPRENEURSHIP'?

• WAGE

• PROFIT

• RENT

• INTEREST

FACTORS OF PRODUCTION

FACTORS OF PRODUCTION

LAND

​LABOR

​CAPITAL

​ENTREPRENEURSHIP

PRODUCTION

PRODUCTION

process of turning out goods and services through the combined efforts and purpose of the factors of production

at the end of the lesson, I can:

1. 1) Define the concept of economic production;

2. 2) Differentiate the types of resources;

3. 3) Enumerate the four factors of production; and

4. 4) Categorize economic resources into

5. four factors of production.

Learning Targets

Open Ended

IF YOU WILL BE AN ITEM, WHAT WOULD IT BE & WHY?

PAINTBRUSH

model

united

nations

PAINTBRUSH

​1.     In the video, which is considered land, capital,

labor, and entrepreneur?

2.  How are the factors of production combined to produce a

paintbrush?

3. Based on the video, which is the most

important factor of production?

RELEVANT ISSUE:

​

RELEVANT ISSUE:

​Labor Welfare, Protection, and Just Compensation

IF I AM AN ITEM...

BUSINESSES

BUSINESS ORGANIZATIONS