Producing Goods and Services
• Economic output includes goods, or tangible
products, and services–work performed for
someone else.
• Four factors of production are needed to
produce goods and services: natural
resources, labor, capital, and entrepreneurs.
• Natural resources are all the gifts of nature
that make production possible, such as land,
rain, forests, and minerals.
(pages 424–426)
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Producing Goods and Services (cont.)
• Labor is the nation’s workforce or human
resources.
• It includes the physical and mental talents of
the people who help produce goods and
services.
• Factors such as population growth,
education, and war affect the quantity and
quality of labor.
(pages 424–426)
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Producing Goods and Services (cont.)
• Capital, or capital goods, includes the tools,
machinery, and buildings used to make other
products.
• Capital goods are unique because they are
themselves produced.
• Consumer goods satisfy wants directly;
capital goods do so indirectly by aiding
production of consumer goods.
(pages 424–426)
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Producing Goods and Services (cont.)
• Entrepreneurs are individuals who start new
businesses, introduce new products, and
improve management techniques.
• They are innovative and willing to take risks.
• They drive the economy because they use
factors of production to produce new
products.
(pages 424–426)
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Producing Goods and Services (cont.)
How are capital goods different from consumer
goods?
Consumer goods are things like clothes, clocks,
shoes, and foods that satisfy wants directly.
Capital goods satisfy wants indirectly. They are
the tools, machinery, and buildings used to
produce consumer goods.
(pages 424–426)
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Gross Domestic Product
• Gross Domestic Product (GDP) is a measure
of the size of the economy.
• It is the total value, in dollars, of all final
goods and services produced in the country
during a single year.
• Final goods are goods sold to their users.
(pages 426–427)
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Gross Domestic Product (cont.)
• GDP does not count intermediate goods,
which are components of final goods.
• It also does not count the sale of used
goods, which do not represent new
production.
• GDP is expressed in terms of money.
• This enables us to compare the relative
worth of goods and services, which is more
meaningful than simply numbers of
products.
(pages 426–427)
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Gross Domestic Product (cont.)
• To compute GDP, identify all goods and
services produced and their average prices.
• Multiply the number produced of each item
by its average price.
• Then add up everything.
(pages 426–427)
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Gross Domestic Product (cont.)
• If the new GDP is higher than the previous
one, then the economy is expanding.
• If it is lower, the economy is declining.
• Economists study GDP figures regularly to
analyze business cycle patterns.
(pages 426–427)
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Gross Domestic Product (cont.)
• Standard of living is the quality of life based
on the possession of necessities and luxuries
that make life easier.
• When GDP grows faster than the population,
there are more goods and services, on
average, for us to enjoy.
• GDP does not measure society’s overall wellbeing!!!
• Other things–such as a reduction in crime
and drug abuse and greater equality of
opportunity–can make a country better off
without raising GDP.
(pages 426–427)
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Gross Domestic Product (cont.)
• Failure to account for improvements in
product quality is a shortcoming of GDP.
• Greater production of goods and services is
only one of many factors that raise the
standard of living.
(pages 426–427)
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Gross Domestic Product (cont.)
What are some limitations of GDP as a
measurement?
GDP does not measure society’s overall well-being.
Many things could make a country better off
without necessarily raising GDP, such as a reduction
of crime, greater equality of opportunity, and
reduction of drug and alcohol abuse. Also, GDP
does not reflect improvements in quality of
products. GDP is only one of many factors that
contribute to raising the standard of living.
(pages 426–427)
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Checking for Understanding
Define Match the terms on the right with their definitions on the
left.
__
A 1.
tangible product that we use to satisfy
our wants and needs
A. good
__
D 2.
individuals who start new businesses,
introduce new products, and improve
management techniques
C. factors of
production
B 3.
__
work performed by a person for
someone else
E 4.
__
total dollar value of all final goods and
services produced in a country during a
single year
C 5.
__
resources necessary to produce goods
and services
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B. service
D. entrepreneurs
E. Gross Domestic
Product (GDP)
Checking for Understanding (cont.)
Explain What are the major functions of the
entrepreneur?
The major functions of an entrepreneur are to
start new businesses and bring products to
market.
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Critical Thinking
Making Comparisons Is a pizza oven a
capital good or a consumer good? Explain.
A pizza oven is a capital good because it
produces a consumer good, namely pizza.
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Circular Flow of Economic Activity
• A market is a location or other situation that
allows buyers and sellers to exchange a
certain economic product.
• Markets can be local, regional, national, or
global.
(pages 428–430)
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Circular Flow of Economic Activity
(cont.)
• The economic decision makers are
the consumer, business, government, and
foreign sectors.
• A circular flow of economic activity–
resources, goods and services, and money–
takes place among these groups.
(pages 428–430)
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Circular Flow of Economic Activity
(cont.)
• Consumers earn their income in
factor markets, where productive resources
are bought and sold.
• Workers sell their labor for income.
• People who own land loan it in return
for rent.
• People who own capital exchange
it for interest.
(pages 428–430)
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Circular Flow of Economic Activity
• People spend their income in
product markets, where producers
offer goods and services for sale.
(cont.)
• Businesses receive payments for their
products from consumers.
• They spend this income on natural resources,
labor, and capital to make more products.
• The business sector buys capital goods in the
product markets to use in production.
(pages 428–430)
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Circular Flow of Economic Activity
(cont.)
• The government sector buys
productive inputs in the factor markets
to use in creating its goods and services.
• While government receives some revenue from
selling its services, most of its revenue comes
from taxes.
• It also uses its revenue to buy final goods and
services in the product markets.
• The foreign sector includes all the countries in
the world.
• The United States buys from and sells
to other countries.
(pages 428–430)
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Circular Flow of Economic Activity
(cont.)
What kinds of products does the business sector
buy in product markets? Why?
The business sector purchases primarily capital
goods for use in producing more goods and
services. These purchases include things such as
tools, equipment, and factories.
(pages 428–430)
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Productivity and Economic Growth
• When a nation’s total output increases over
time, the economy grows.
• This means the circular flow becomes larger.
(pages 430–432)
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Productivity and Economic Growth
(cont.)
• Productivity is a measure of the
amount of output produced by a given amount
of inputs in a specific period
of time.
• It reflects how efficiently resources
are being used.
(pages 430–432)
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Productivity and Economic Growth
• Specialization can improve
productivity.
(cont.)
• People, businesses, and countries concentrate
on the goods or services they can produce
better than anyone else.
• We specialize because we earn more by
doing the things we do well.
• It is also more efficient to specialize than to
do everything for ourselves.
(pages 430–432)
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Productivity and Economic Growth
• Division of labor is the breaking
down of a job into separate, smaller
tasks performed by different workers.
(cont.)
• It is a form of specialization, making use of
differences in skills.
(pages 430–432)
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Productivity and Economic Growth
• Human capital is the sum of all the
skills, abilities, and motivation of people.
(cont.)
• When businesses invest in things like training
and employee health care, worker
productivity tends to increase.
(pages 430–432)
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Productivity and Economic Growth
(cont.)
• Because of specialization, the
American economy displays a high degree of
economic interdependence.
• We rely on others, and others rely on us, to
provide the goods and services we consume.
• As a result, events in one part of the world
can have an economic impact on other parts
of the world.
(pages 430–432)
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Productivity and Economic Growth
(cont.)
When does productivity go up?
Productivity goes up whenever more output can
be produced with the same amount of inputs in
the same amount of time. It also goes up when
the same output can be produced with less input.
(pages 430–432)
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Checking for Understanding
Define Match the terms on the right with their definitions on the
left.
__
E 1.
__
D 2.
__
C 3.
a market where productive resources are A. productivity
bought and sold
B. specialization
a market where producers offer goods
C. division of labor
and services for sale
D. product market
the breaking down of a job into separate,
E. factor market
smaller tasks to be performed
individually
__
A 4.
the degree to which resources are being
used efficiently to produce goods and
services
__
B 5.
when people, businesses, regions, and/or
nations concentrate on goods and
services that they can produce better
than anyone else
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Checking for Understanding (cont.)
Identify Do consumers earn their income in the
product market or the factor market?
Consumers earn their income in the factor
market.
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Features of Capitalism
• The U.S. economy is built on capitalism and
free enterprise.
• Capitalism is an economic system in which
private citizens own and use the factors of
production to seek a profit.
• Free enterprise is an economy in which
competition is allowed to flourish with a
minimum of government interference.
(pages 434–436)
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Features of Capitalism (cont.)
• Markets are places where different sectors of
the economy interact, and their exchanges
determine the prices of goods and services.
• Businesses try to produce the products people
want most.
• Because of this, we use the term consumer
sovereignty to describe the consumer as ruler
of the market, the one who determines what
products will be produced.
(pages 434–436)
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Features of Capitalism (cont.)
• Choice is a key element for free enterprise.
• We are free to choose the occupation we want
and where we want to work.
• We can choose the products we will buy.
• Businesses can choose the products they will
produce and offer for sale.
(pages 434–436)
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Features of Capitalism (cont.)
• Along with the freedom to choose comes the
responsibility to accept the consequences of
the decisions.
• If an entrepreneur starts a business that fails,
the government usually won’t help out.
(pages 434–436)
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Features of Capitalism (cont.)
• Under capitalism, we also have private
property rights.
• We are free to own and use, or dispose of,
our own property as we choose as long as we
do not interfere with the rights of others.
• These rights give us the incentive to work,
save, and invest.
(pages 434–436)
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Features of Capitalism (cont.)
• Capitalism thrives on competition–the struggle
between buyers and sellers to get the best
products at the lowest prices.
• Competition between sellers tends to reduce
production costs and increase product quality.
(pages 434–436)
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Features of Capitalism (cont.)
• Competition rewards the most efficient
producers and forces the least efficient out of
business.
• Competition results in efficient production,
higher-quality products, and more satisfied
customers.
(pages 434–436)
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Features of Capitalism (cont.)
• Profit is the money left over after all costs of
production have been paid.
• The profit motive is the driving force behind
free enterprise and capitalism.
• People are willing to invest in a business
venture and risk losing their investment for
the chance to earn a profit.
(pages 434–436)
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Features of Capitalism (cont.)
• Voluntary exchange is the act of buyers and
sellers freely and willingly engaging in
market transactions.
• As long as exchanges are voluntary, both
buyer and seller must feel that they benefit
from their exchange, or they will not do it.
(pages 434–436)
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Features of Capitalism (cont.)
In what way does the profit motive involve risk?
Under free enterprise and capitalism, people are
free to risk their wealth in a business venture. If
the venture goes well, the people will earn a
profit reward. If things go poorly, they could
lose part or all of their investment. The chance
of loss is the risk investors take in hopes of
earning a profit.
(pages 434–436)
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The Spread of Capitalism
• Capitalism developed gradually over
hundreds of years.
• Two concepts underlie the market system:
people can work for economic gain and
government should have a very limited role
in the economy.
(pages 436–437)
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The Spread of Capitalism (cont.)
• Trade routes opened between Europe and the
East in the 1200s.
• As trade increased, people began to invest money
to make profits.
• By the 1700s, Europe had a new attitude about
work and wealth.
• It included the ideas of progress, invention, and
free markets in which buyers and sellers could
make unlimited economic decisions.
(pages 436–437)
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The Spread of Capitalism (cont.)
• In his book The Wealth of Nations, Scottish
economist Adam Smith scientifically
described the basic principles of economics
for the first time.
• Smith believed that individuals, in seeking
profit, end up benefiting society as a whole.
(pages 436–437)
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The Spread of Capitalism (cont.)
• From the writings of Smith and others came
the idea of laissez-faire, meaning “to let
alone.”
• According to this philosophy, government
should not interfere in the marketplace.
• Government’s role is to ensure free
competition.
• Many American Founders were influenced by
Smith’s book.
(pages 436–437)
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The Spread of Capitalism (cont.)
• Communism and capitalism have been
viewed as opposing political and economic
structures.
• The collapse of communism, however, did
not mean a smooth transition to capitalism.
(pages 436–437)
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The Spread of Capitalism (cont.)
In laissez-faire economics, what is the role of
government?
The government’s role is strictly limited to those
few actions needed to ensure free competition in
the marketplace.
(pages 436–437)
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Checking for Understanding
Define Match the terms on the right with their definitions on the
left.
__
A 1.
__
E 2.
__
B 3.
__
C 4.
__
D 5.
the role of consumer as the ruler of the
market, determining what products will be
produced
the act of buyers and sellers freely and
willingly engaging in market transactions
the freedom to own and use our own
property as we choose as long as we do not
interfere with the rights of others
the struggle that goes on between buyers
and sellers to get the best products at the
lowest prices
the money a business receives for its
products or services over and above its
costs
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A. consumer
sovereignty
B. private
property
rights
C. competition
D. profit
E. voluntary
exchange
Checking for Understanding (cont.)
Explain What are the limits of private
property rights?
People have the freedom to use their property
as they choose as long as they do not interfere
with the rights of others.
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Close
Do you think “modified free enterprise” is an
appropriate description of the American
economic system?
Consumer Rights and Responsibilities
• Consumers have rights and responsibilities in
our free enterprise system.
• Consumerism is a movement to educate
buyers about the purchases they make and to
demand better and safer products from
manufacturers.
(pages 438–440)
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Consumer Rights and Responsibilities
(cont.)
• Many laws protect consumer rights.
• The Fair Packaging and Labeling Act
requires every package to have a label
identifying its contents and how much it
weighs.
• The Pure Food and Drug Act requires
manufacturers of foods, cosmetics, and drugs
to prove their products are safe.
(pages 438–440)
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Consumer Rights and Responsibilities
(cont.)
• The Better Business Bureau is one of many
groups formed to protect consumers.
• Businesspeople run the local bureaus.
• They provide information about local
businesses, warn of dishonest practices, and
investigate consumer complaints.
(pages 438–440)
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Consumer Rights and Responsibilities
(cont.)
• President John F. Kennedy, and later President
Richard Nixon, emphasized five rights known
as the Consumer Bill
of Rights.
• Consumers have the right to a safe product,
to be informed, to choose,
to be heard, and to redress.
(pages 438–440)
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Consumer Rights and Responsibilities
(cont.)
• With consumer rights come responsibilities.
• If a product or service is faulty, you are
responsible for starting the problem-solving
process.
• State the problem and suggest a fair solution.
• Keep an accurate record of your efforts to
solve the problem.
• If necessary, contact the manufacturer in
writing and keep a copy.
(pages 438–440)
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Consumer Rights and Responsibilities
(cont.)
• A warranty is a promise made by a
manufacturer or seller to repair or replace a
product within a certain time if it is faulty.
• Consumers are also responsible for
exhibiting ethical behavior by respecting the
rights of producers
and sellers.
(pages 438–440)
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Your Role as a Consumer
• Disposable income is money a person has left
after all the taxes on it have been paid.
• People generally use it first to buy necessities,
such as food and housing.
• Discretionary income is money left over
after paying for necessities that can be used
for satisfying wants, including luxury items
and savings accounts.
(pages 440–442)
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Your Role as a Consumer (cont.)
• Virtually all the steps in the consumer
decision-making process involve an
opportunity cost.
• Consumers must decide if a purchase is
worth the next best option they would have to
give up.
• Consider your goals when you make a
buying decision.
• Buying things now will make long-term
financial goals harder to accomplish.
(pages 440–442)
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Your Role as a Consumer (cont.)
• Saving is setting aside income for use later.
• It is the part of your income that you don’t
spend.
• Saving enables people to make major
purchases, such as a car or a house.
• Saving also comes in handy in emergencies.
(pages 440–442)
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Your Role as a Consumer (cont.)
• Saving by individuals benefits the economy
as a whole.
• Saving provides money for others to invest or
spend.
• Saving also allows businesses to expand.
• Saving provides money for others to invest or
spend.
• Saving also allows businesses to expand.
(pages 440–442)
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Your Role as a Consumer (cont.)
• To save regularly, workers can have their
employers withhold a fixed amount from their
paychecks and deposit it automatically into their
savings accounts.
• Or, people may do it themselves by saving a
specific amount each week or month.
(pages 440–442)
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Your Role as a Consumer (cont.)
• Interest is the payment people receive when
they lend money, or allow someone else to
use their money.
• Money saved in a bank earns interest at
periodic intervals for as long as funds are in
the account.
• Saving is a trade-off.
• You decide to spend less today to increase
your ability to spend in the future.
(pages 440–442)
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Your Role as a Consumer (cont.)
• To decide how much to save, you need a plan.
• Your plan would consider your everyday
expenses, reasons for saving, interest you
could earn, and your potential to earn a
higher income in the future.
(pages 440–442)
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Your Role as a Consumer (cont.)
How does saving by individuals benefit the
economy as a whole?
Saving provides money for others to invest or
spend. Saving also allows businesses to expand,
which provides increased income for consumers
and raises the standard of living.
(pages 440–442)
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Checking for Understanding
Define Match the terms on the right with their definitions on the
left.
__
C 1.
__
D 2.
__
B 3.
__
A 4.
__
E 5.
the responsibility of consumers to
respect the rights of producers and
sellers
money income left after all taxes on it
have been paid
the promise made by a manufacturer or a
seller to repair or replace a product
within a certain time period if it is faulty
a movement to educate buyers about the
purchases they make and to demand
better and safer products from
manufacturers
money income left after necessities have
been bought and paid for
Click the mouse button or press the
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A.
B.
C.
D.
consumerism
warranty
ethical behavior
disposable
income
E. discretionary
income
Critical Thinking
Making Generalizations Why do some people
buy brand-name products and other people buy
generic products?
Possible answer: Some people purchase brand
names because they ensure consistent quality,
while other people purchase generic products
because they offer savings.
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Section 1: Economic Resources
• The four factors of production are natural
resources, labor, capital, and entrepreneurs.
• The factors of production provide the means
for a society to produce its goods and
services.
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Section 2: Economic Activity and
Productivity
• Productivity related to the efficient use of
resources.
• Productivity tends to go up when workers
specialize in the things they do best.
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Section 3: Capitalism and Free
Enterprise
• The economic system of the United States is
based on capitalism and free enterprise.
• Important characteristics are markets,
economic freedom, competition, private
property rights, the profit motive, and
voluntary exchange.
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Section 4: The Economy and You
• Consumer advocates promote the following
consumer rights: the right to safety, to be
informed, to choose, to be heard, and to
redress.
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Reviewing Key Terms
Define Match the terms on the right with their definitions on the
left.
__
C 1.
__
E 2.
natural resources, labor, capital,
and entrepreneurs used to
produce goods and services
the amount of goods and
services produced from a given
level of inputs
A. voluntary exchange
B. specialization
C. factors of production
D. consumer sovereignty
E. productivity
__
A 3.
a transaction in which a buyer
and seller work out their own
terms of exchange
__
D 4.
role of consumer as ruler of the market when determining
goods and services produced
__
B 5.
the use of resources by an individual, a firm, a region, or a
nation to produce one or a few goods and services
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Reviewing Main Ideas
What factors of production are required to
produce the things that people use?
The factors of production are land, labor, capital,
and entrepreneurs.
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Reviewing Main Ideas (cont.)
What is the difference between a final good and
an intermediate good?
A final good is sold to its user. An intermediate
good is used to produce a final good.
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Reviewing Main Ideas (cont.)
What does the idea of consumer sovereignty
express?
The idea of consumer sovereignty is that
consumers determine what products are
produced.
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Reviewing Main Ideas (cont.)
What is the drive to improve your material wellbeing called?
The drive to improve your material well-being is
called the profit motive.
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Reviewing Main Ideas (cont.)
What is a warranty?
A warranty is the promise by a seller
or manufacturer to repair or replace
a defective product.
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Critical Thinking
Categorizing Information Describe how either
you or a relative of yours who has a job fits into the
circular flow model. Be sure to discuss both the
factor and product markets.
Labor supplied in the factor market allows
people to buy goods and services in the product
market.
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Analyzing Visuals
Study the chart on page 426 of your textbook. What
does the figure show? What two categories of
economic products are shown?
The figure shows computing Gross Domestic
Product. The two categories shown are goods
and services.
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Directions: Choose the best answer to the following
question.
Which of the following statements about Gross Domestic
Product is NOT true?
A
It includes intermediate goods.
B
It includes services as well as goods.
C
It is based on dollar value.
D
It includes final goods.
Test-Taking Tip Read the question carefully. When a question
uses the word not or except, you need to look for the answer
that does not fit.
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Which factor of production do you consider
most important? Explain your answer.
Possible answer: Entrepreneurs are most
important because they bring the other factors of
production together to produce benefits for
society.
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Click the mouse button to return to the Contents slide.
Explore online information about the topics introduced
in this chapter.
Click on the Connect button to launch your browser and go to the
Civics Today: Citizenship, Economics, & You Web site. At this site, you
will find interactive activities, current events information, and Web sites
correlated with the chapters and units in the textbook. When you finish
exploring, exit the browser program to return to this presentation. If you
experience difficulty connecting to the Web site, manually launch your
Web browser and go to http://civ.glencoe.com
Charts
Computing GDP
The Circular Flow of Economic Activity
Click on a hyperlink to view the corresponding slides.
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Click the mouse button or press the
Space Bar to display the answer.
Click the mouse button or press the
Space Bar to display the answer.