Economic Factors

Economic Factors

By Jessica Dundore

Open Ended

What are factors?

Categorize

Options (4)

Items produced by humans

owning businesses

knowledge and skills

resources available on land

Organize these options into the right categories

Capital

Entreprenuership

Human Capital

Land/Natural Resource

Open Ended

Which factor of production do you think is the most influential? Why?

• Some of a country’s most important resources are its people.

• Countries need skilled workers to fill jobs within the economy.

• It takes different kinds of human capital to make different kinds of goods and services.

• For example, doctors, teachers, and factory workers all have a different set of skills and they each help to produce different goods or services.

Human Capital

Categorize

Options (16)

Teacher

Doctor

Engineer

Nurse

Artist

Scientist

Athlete

Musician

Computer

Building

Vehicle

Book

Software

Furniture

Machine

Equipment

Organize these options into the right categories

Human Capital

Not Human Capital

• Capital goods are the man-made materials that are needed to produce goods and services.

• Some examples of capital goods include factories, machinery, technology, buildings, tools, etc.

• The more a country invests in its capital goods, the stronger its economy and higher the GDP.

Capital Goods

Categorize

Options (11)

computer

machinery

furniture

vehicles

buildings

equipment

tools

teachers

doctors

cashier

banker

Organize these options into the right categories

Capital Goods

Not Capital Goods

• Natural resources are the materials that come from nature, such as land, forests, minerals, water, etc.

• They play an important role in a country’s economy because they are fuel for industry and are a source of income when exported to other countries.

Natural Resources

Categorize

Options (13)

water

wood

coal

oil

minerals

machinery

buildings

tools

vehicles

equipment

furniture

computers

infrastructure

Organize these options into the right categories

Natural Resources

Capital Goods

• An entrepreneur is someone who takes risks to start a new business.
  

• Entrepreneurs produce fresh ideas for goods or services and then they use natural resources, capital goods, and human capital to bring those ideas to life.

• They help the economy grow by opening new businesses and developing new products, which creates more jobs.

Entrepreneurship

Categorize

Options (16)

gas stations

restaurants

online stores

consulting firms

real estate agencies

freelance services

e-commerce platforms

startups

hospitals

schools

government offices

libraries

parks

museums

non-profit organizations

community centers

Organize these options into the right categories

Entreprenuership

Not Entreprenuership

Definitions

Human Capital: the knowledge and skills of the workers

Capital goods: Man-made materials that are needed to produce goods and services

Natural resources: Materials that come from nature, such as land, forests, minerals, water, etc.

Entrepreneurship: Someone who takes risks to start a new business