(ch 2)03- Factors of Production

Factors of
Production

Yearning fer

some

learning?

Objectives

You will understand how economics addresses how we satisfy
wants and be able to distinguish the goods and services,
factors of production, and tradeoffs visible in common
places and everyday situations.

Initiation

Take a look at these photos...what is happening here? Be prepared to write a sentence or two....

Open Ended

What factors could explain the gas crisis of 1979? Think in economic terms…….

Putting it together

Factors of Production

Land

Labor

Capital

Outputs

Inputs

Entrepreneur

Roles of the Entrepreneur

Open Ended

Summarize what you learned from this epically awesome music video...

Watch for examples
of land, labor, and
capital resources

Open Ended

What examples of land, labor, and capital do you remember from the video on how chicken nuggies are made?