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Title:

Economic Resources and Systems

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... Saudi Arabia depends on oil production Latin American countries rely ... shortage of resources Basic economic problem for ... water or technology How do we ... – PowerPoint PPT presentation

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Date added: 30 December 2019
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Title: Economic Resources and Systems


1
Economic Resources and Systems
  • Chapter 2

2
Do Now
  • In your notebooks
  • What is a resource?
  • What resources do you use on a daily basis?
  • How and why do you use those resources?

3
Factors of production
  • Factors of production all of the components
    necessary to produce societys goods and services
  • Example
  • wheat growing in ground
  • tractor that harvests wheat
  • labor that turns wheat into flour
  • ideas for how to create final product most
    efficiently

4
Types of Economic Resources
  1. Natural resources
  2. Human resources
  3. Capital resources
  4. Entrepreneurial resources

5
Natural resources
  • Raw materials found in nature
  • Examples
  • Trees used to make paper
  • Fish harvested for food
  • Economy of many countries is based on natural
    resources
  • Examples
  • Saudi Arabia depends on oil production
  • Latin American countries rely on coffee crops

6
Types of natural resources
  • Renewable can be reproduced
  • Examples cattle, plants
  • Nonrenewable limited resources
  • Examples coal, iron, oil

7
Group Activity
  • Draw two examples of both renewable and
    non-renewable resources with the materials in the
    front of the room
  • Underneath each drawing, indicate whether that
    resource is limited or unlimited
  • Also indicate ways society can attempt to
    conserve the limited resources through other
    alternatives
  • Be prepared to discuss as a class

8
Reciprocal Teaching
  • One person is summarizer, one questioner, one
    clarifier, one predictor
  • Summarizer gives brief overview of each section
  • Questioner asks questions about vocabulary or any
    other area of possible confusion
  • Clarifier attempts to answer those questions
    (with rest of group, like looking up vocabulary)
  • Predictor offers ideas as to how they believe
    this relates to the topic in America today, with
    other group members adding input as well

9
Human resources
  • Knowledge, efforts, and skills people bring to
    their work
  • Examples
  • Teachers, coal miners, bank managers, farm
    workers
  • Labor can be skilled or unskilled
  • Shortage of skilled labor is one og the biggest
    labor problems faced today around world
  • Physical or intellectual
  • Labor unions negotiate with management for
    better pay, hours, and working conditions in
    process known as collective bargaining

10
Capital resources
  • Things used to produce goods and services
  • Examples
  • Buildings, materials, and equipment
  • Include delivery trucks, supermarkets, cash
    registers, and medical supplies
  • Not the same as money
  • Accountants computer is a capital resource
  • Headquarters of Johnson Johnson is a capital
    resource

11
Entrepreneurial resources
  • Entrepreneurs who recognize need for new goods
    and services
  • Improve ways to use resources or create and
    produce new ones
  • Example
  • William Hewlett and David Packard created
    scientific calculator
  • New resources must be developed in order to deal
    with scarcity
  • I'm not making this up

12
Scarcity
  • Has a store ever run out of an item that you
    wanted?
  • How did you respond?
  • Why would a store run out of an item?
  • Scarcity shortage of resources
  • Basic economic problem for society is how to
    manage resources
  • Example society may not have enough oil,
    doctors, water or technology
  • How do we deal with scarcity?
  • Development of new resources and technology is
    key to dealing with scarcity!

13
Decisions about Production
  • Three main questions to be asked
  • What should be produced?
  • Resources used for one purposed cant be used for
    something else
  • How should it be produced?
  • What methods will be used, how many will work to
    produce it, and what will be the quality of
    items?
  • Who should share in what is produced?
  • Who gets the limited number of goods that are
    produced?
  • How will goods/services be distributed?
  • Who will have the resources to buy this?

14
Robbinsville Apprentice
  • In your notebooks
  • Use each of the three questions posed on the
    previous slide concerning decisions about
    production to decide and explain a need in
    Robbinsville
  • Project Introduction

15
Turn Talk
  • Last year, Virtual Enterprise bought bagels and
    sandwiches for teachers and students as a
    fund-raiser for their class
  • What are four factors of production that are
    involved in bringing students and teachers their
    orders?
  • What are four resources Bagels N Cream utilize
    themselves to provide their goods and services to
    customers?
  • Be sure to touch on each of the four economic
    resources

16
Identifying Economic Resources
  • Think about businesses that you are familiar with
  • Use those businesses to complete the following
    worksheet
  • Finish for homework

17
Bring it all Together
  • What type of resource is wood and why is it
    considered a resource?
  • Name resources utilized in this room
  • Name resources utilized on the High School Campus

18
Do Now
  • Take out homework worksheet from last class
  • In your notebooks
  • Which resources do you believe are most expensive
    for businesses to use? Why?

19
The Apprentice Reflection
  • What materials were scarce and how did they
    handle the scarcity?
  • Classwork/Homework individual creation of
    product using resources seen in episode
  • Use description worksheet for guidance

20
Closure
  • TAKE OUT YOUR PHONES! - WHAT TYPE OF RESOURCE IS
    THAT?
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