FrontPage: What resources would be used to put on the

prom? Make a list.

The Last Word:

Reviewing Key Concepts

SCARCITY LEADS TO 3 BASIC ECONOMIC QUESTIONS Every society, from tribal to technologically advanced,

has to decide, in one way or another, the answer to these 3 questions: Question #1: What will be produced?

Which goods or services? How much? May be determined, in part, by access to natural resources.

Question #2: How will it be produced? How can scarce resources be used most efficiently? Influenced by natural resources and technology.

Question #3: For whom will it be produced? How will the goods/services produced be distributed to people?

**Each society answers these questions differently; leads to different economic systems.

SCARCITY: THE BASIC ECONOMIC PROBLEMSECTION 1

Every producer has to make use of resources to produce their good/service We have categories for the various types of resources used to

do this… The Factors of Production: resources needed to

produce goods and services. Land = natural resources Labor = human effort Capital = resources made and used by people to produce

goods and services (tools, machinery, etc.) Entrepreneurship = the combo of vision, skill, and risk

taking needed to create and run businesses

CLASSIFYING TERMS – WHERE WOULD THESE FALL?

• Taxi Cab• Salesperson• Store Owner• Factory• Apple Pie for

Dessert• Savings bond• CEO of GM• Teacher• School Bus• Personal

Computer• Air• Tires• River• Slave• Flowers for Your

Sweetie• A $10 bill• Wild Boar

FACTORS OF PRODUCTION

Land (green)

Labor (blue)

Capital /technology (red)

Entrepreneurship (yellow)

Founder of the Pencil Company

Rubber

Rubber Trees

Soil Water

Zinc

Graphite

Wood

Pencil Manufacturi

ng Equipment

Factory Workers

Delivery Truck

Miners

Consumer

Driver

Mining Equipment

LumberjacksForest

Ex. Pencil

FACTORS OF PRODUCTION ACTIVITY

The Chicago-based candymaker’s creation weighed in at a shocking 12,000 pounds and measures 3-feet high and 21-feet long.Eddie Opler, CEO of World's Finest Chocolate, said: 'We purposely made this bar to be an example of "portion distortion."'He added: 'We're committed to educating families about eating right and staying active and doing it in a fun and engaging way.'

The chocolate company will feature the candy bar on a tour of schools called 'Think Big. Eat Smart.

LARGEST CANDY BAR EVER

Robert Pershing Wadlow is the tallest person in history for whom there is irrefutable evidence. Wadlow is sometimes known as the Alton Giant or Giant of Illinois because he was born and grew up in Alton, Illinois.

Wadlow reached 8 ft 11.1 in (2.72 m) in height and weighed 439 lb (199 kg) at his death at age 22. His great size and his continued growth in adulthood were due to hyperplasia of his pituitary gland, which results in an abnormally high level of human growth hormone. He showed no indication of an end to his growth even at the time of his death.

Around 5,000 people attended Wadlow's funeral on July 19, 1940. He was buried in a 10-foot-long (3.0 m), half-ton coffin that required twelve pallbearers to carry and was interred in a vault of solid concrete. It was believed that Wadlow's family members were concerned for the sanctity of his body after his death, and wanted to ensure it would not be disturbed or stolen.

New World Record Set: The Biggest Burger EverHere are a few interesting stats about that

big ‘ol burger: It took 8 hours to bake the bun, it took 15 hours to bake the burger, it weighs 185lbs (84kg), it sells for $499, it had to be wheeled into the restaurant, and it is topped with cheese, lettuce and tomato.

The latest iPhone rumor is that the iPhone 5s, sometimes dubbed the iPhone 6, will include a fingerprint detector.