ECONOMICS: DAY 1
Introduction to Business & Marketing
Economy
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Economy: “the organized way a nation
provides for the needs and wants of its
people”
Determines what each country will
manufacture, buy, sell, invest, and transport.
Resources

Resources: “all of the things used in producing
goods & services”
Factors of Production

Factors of Production: “technical term
economists use for resources”
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Land
Labor
Capital
Entrepreneurship
Land

Land: “everything on the Earth that is in
its natural state”
Land

Land: “everything on the Earth that is in
its natural state”
 Examples:
coal, crude oil, water, air, soil
Land

Land: natural resources of various countries:
 USA:
coal, forest, copper, gold, natural gas
 Russia:
 Saudi
timber, gas, coal, gold
Arabia: oil
 Canada:
oil, uranium, timber
Labor

Labor: “all the people who work in the
economy”
Example: sales associates at Old Navy, teachers, bank
managers, coal miners, farm workers, cashier, news anchor

Capital

Capital: “money needed to start and
operate a business as well as buildings,
materials, equipment, etc.”
 Examples:
money, factories, buildings,
machinery, equipment
Entrepreneurship


Entrepreneurship: “ability to start and/or
own your own business”
Examples:
Mary Kay Ash - Mary Kay Cosmetics
 Henry Ford - Ford Motor Company
 Steve Jobs – Apple
 Bill Gates - Microsoft
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Activity
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Students will be split into groups/pairs.
Each group/pair will select a company which they
will research on the Internet.
Each group/pair will be responsible for identifying
(using chart form) the land, labor, capital, and
entrepreneurs involved in their company (perhaps
after picking a specific good or service).
Land
Labor
Capital
Entrepreneurship