who are producers? who are consumers? person or people that make a good or provide a service...
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Who are Producers?
Who are Consumers?
Person or people that make a good or provide a service (Sellers)
Person or people that use or purchase a good or a service
(Buyers)
Today’s Standard
SS6E7 The student will describe the
factors that cause economic growth and examine their
presence or absence in Europe.
What is Production?
Production is:
1. How goods are made with resources
2. How services are performed
**Production of any sort requires a resource or a combination of
resources
1. Natural Resources
Natural resources are gifts of nature that are used to
make products.
Examples:Plants, Mined Metals,
Animals, Oil, Coal, Minerals, etc.
2. Human ResourcesHuman resources
(aka-Labor) include the people with skills necessary to produce a product or
perform a service.
Examples:Lumberjacks, Doctors, Teachers,
Lawyers, Factory Workers, Truck Drivers, etc.
3. Capital Resources
Capital resources are the tools and machines that humans
need to turn natural resources into final
products.
Examples:Chainsaws, Trucks, Factories, Computers, Drills, Mining Rigs,
etc.
4. Entrepreneurship
Entrepreneurs are those people who come up with the idea for a product or service and
bring the necessary resources together to make
it happen.
Basically……..the people with the idea.
Entrepreneurship
These people are the brains & the money behind production. They have an idea, develop a plan to make that idea a reality, & implement the
plan….. All in the hopes of making money.
Russell Simmons(Def Jam Records, Phat Farm Clothing)
Ted Turner(CNN, Atlanta Braves)
Oprah Winfrey(Harpo Industries)
Bill Gates(Microsoft)
4 Factors of Production Foldable ActivityDirections: Using computer paper, you will produce a foldable study guide focusing on the 4 factors of production. Each Factor will have a designated page on which you will include a description, illustration(s), and examples of each factor of production.
Grading Criteria: ***Each Page/Factor will be worth 25%----Description (10%)
Examples (5%) Color Illustrations (5%) Correctly Labeled (5%)
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