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PRODUCTION

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7.01: Describe the basic factors of production such as land, labor, capital, and entrepreneurial skills and their impact on economic activities. – PowerPoint PPT presentation

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Title: PRODUCTION


1
PRODUCTION
  • 7.01 Describe the basic factors of production
    such as land, labor, capital, and entrepreneurial
    skills and their impact on economic activities.

1
2
Economics
  • The science of decision making.
  • Social science that studies the choices of
    producers and consumers as they try to satisfy
    unlimited wants and needs with limited resources
  • Economies produce goods and services to satisfy
    the peoples wants and needs.

2
3
NEEDS vs. WANTS
  • Necessities

3
4
Economics
  • The study of how people try to satisfy what
    appears to be seemingly unlimited and competing
    wants through the careful use of relatively
    scarce resources.
  • Economies produce goods and services to satisfy
    the peoples wants and needs.

5
Basic Economic Questions
  • What should we produce?
  • How should we produce it?
  • For whom should we produce it?

5
6
Four Factors of Production
  • LAND
  • Gifts of Nature
  • Property and natural resources

6
7
Four Factors of Production
  • LABOR
  • Work
  • Human Capital
  • A persons potential for economic productivity
  • Developed by natural talents, education,
    training, good habits.
  • Blue Collar and White Collar

7
8
Four Factors of Production
  • CAPITAL
  • Financial capital
  • Money invested in a business to make it grow
  • Basic assets used in production
  • Capital goods (Physical capital)-products used to
    produce the final product
  • machinery, tools, buildings, raw materials,
    factory, financial securities, company car,
  • Consumer good the final product which is sold
    to consumers

8
9
Four Factors of Production
  • ENTREPRENEURSHIP
  • Starting, operating, and expanding a business
  • Operate businesses to make a profit

9
10
Productivity
  • Measures the amount of output produced by a given
    number of inputs over a period of time.
  • Increased by the efficient use of production
  • Cost of producing good or service should be as
    low as possible
  • Creates a higher standard of living

10
11
How can a business manipulate its factors of
production in order to increase its overall
productivity?
  • Land?
  • Labor?
  • Capital?
  • Entrepreneurship?

11
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