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Factors of Production

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Factors of Production Chapter 2 Economic Resources and Systems Economics The science that deals with the production, distribution, and consumption of goods and ... – PowerPoint PPT presentation

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Title: Factors of Production


1
Factors of Production
  • Chapter 2
  • Economic Resources and Systems

2
Economics
  • The science that deals with the production,
    distribution, and consumption of goods and
    services, or the material welfare of humankind

3
Statements of Economics
  • 1. Peoples wants and needs are unlimited.
  • 2. When resources are limited, people have to
    make choices. 
  • 3. Choices involve costs and benefits. 
  • 4. Choices can affect ourselves and others. 
  • 5. Consequences of choices may be immediate or
    lie in the future.

4
What are factors of production?
  • All of the components necessary to produce a
    societys goods and services.
  • Example
  • Wheat that grows in the ground
  • The tractor harvests the wheat
  • The laborer turns it into flour

5
FACTORS OF PRODUCTION
  • ECONOMIC RESOURCES

6
4 Types of economic resources
  • 1. Natural resources
  • 2. Human resources
  • 3. Capital resources
  • 4. Entrepreneurial resources

7
Natural Resources
  • The raw materials found in nature.
  • renewable or non-renewable (limited)
  • renewable can be reproduced
  • Wheat and Cattle
  • non-renewable (limited) cannot be reproduced
  • Coal and Oil
  • The amount of natural resources available to a
    society has direct effect on its economy..
  • Gas prices!!!!!!!!

8
Human Resources
  • Human resources is the knowledge, efforts, and
    skills people bring to their work.
  • Examples
  • Teachers, bank managers, and farmers

9
Capital Resources
  • Capital resources are things used to produce
    goods and services.
  • Examples
  • buildings, materials, and equipment
  • delivery trucks, cash registers, and medical
    supplies

10
Entrepreneurial resources
  • Entrepreneurial resources the initiative to
    improve goods and services or create new ones.
  • Examples
  • Henry Ford creating the factory assembly line

11
Human and Capital Resources
  • http//www.econedlink.org/lessons/docs_lessons/419
    _Is20it20a20Match1.pdf

12
Independent Practice
  • Complete the worksheet
  • Economic Resources and Systems
  • Classify the factors of production as either
    natural, human, capital or entrepreneurial
    resources.

13
The Apprentice, Episode 1
  • Make a list of the economic resources that are
    used in the episode of the apprentice
  • Episode 1

14
Scarcity
  • Societys shortage of resources to satisfy wants
    and needs
  • Give examples of resources that may be limited
  • Human Resources doctors, nursing in Canada
  • Natural Resources oil
  • Entrepreneurial Resources technology
  • Capital Resources - oil rigs
  • More examples?
  • Is scarcity of resources consistent in time and
    place?
  • Which category of resources seems to have the
    greatest scarcity?

15
What economic resources does a business use?
Small group activity
  • Choose a business that youre familiar with
  • Think about what economic resources that business
    uses
  • Circle any resources that may be scarce
  • Record your responses on the worksheet
  • Practice Freddies Restaurant

Natural Resources Human Resources Capital Resources Entrepreneurial Resources
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