goods and services goods = physical objects services = actions or activities that one person...
TRANSCRIPT
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Goods and Services
Goods = physical objects
Services = actions or activities that one person performs for another
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List all the Goods and Services you can think of in our economy
GOODS SERVICES
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Factors of Production
The resources that are used to make all goods and services
Economists identify Four Factors of Production: Land, Labor and Capital (Physical and Human)
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LandAll natural resources (materials found in nature) used to produce goods and services.
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LaborThe effort a person devotes to a task for which the person is paid.
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CapitalAny human-made resource used to produce other goods and services
There are two types: physical and human
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Physical CapitalHuman-made objects used to create other goods and services
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Human CapitalKnowledge and skills a worker gains through education and experience
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Chocolate Chip Cookies Partner ActivityImagine an alien from Mars just
arrives on earth and has developed a taste for Chocolate Chip Cookies
Make an extensive list of EVERYTHING needed to produce chocolate chip cookies.
Label each thing you listed as one of the four factors of production.
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Chocolate Chip Cookies Partner Activity
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McDonald’s French Fries Partner ActivityMake an extensive list of
EVERYTHING needed to produce McDonald’s French Fries
Label each thing you listed as one of the four factors of production.
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Choose a product that you use frequently. Write a paragraph in which you explain the production of this product. Specifically identify each of the four factors of production