What choices would you
make?
Warm Up:
Write today’s date & answer;
How would Pizza Hut answer the
Three Basic Questions?
Factors of Production:
the resources used to produce
all things
•LAND:
natural resources, not manmade
•Make a list of ten examples of natural resources used
in production; ex) sunlight & lumber
Factors of Production
LABOR: human efforts, abilities and/or
skills;
Make a list of ten labor positions used in production;
ex, teacher & farmer
Factors of Production
CAPITAL: anything manmade that is used to
produce other things; tools, equipment, factories,
technology
Financial Capital: the money used to buy capital goods
used in production
Make a list of ten capital goods used in production; ex)
computer & hammer
Factors of Production
ENTREPRENEURS: risk-takers hoping to achieve
a profit and organize the factors from either inventing a
product or starting a business
Make a list of ten real life entrepreneurs; either living or
passed on, ex) Bill Gates & Dave Thomas
ALL THINGS HAVE
L L COOL “E” NOT “J”!!
What are the four Factors of
Production? GIVE an Example.
•
•
•
•
Land
Labor
Capital
Entrepreneur
Grouping Factors
Can you categorize the four factors of
production?
Rearrange the pictures into their
appropriate groupings and then illustrate
at least 2 of EACH factor into your
notebook.
Top Ten
10. Gorilla
9. Tiger
8. Camel
7. Bear
6. Moose
5. Buffalo
4. Giraffe
3. Rhinoceros
2. Hippopotamus
1. Elephant