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The Factors of Production

The Factors of Production. Information & Activities Guide to Chapter 19.1. What are the Factors of Production ?. Necessary resources to produce goods and services. Includes 4 categories: Land Labor Capital Management All 4 categories are needed to produce g/s. Do part 2 of sheet!.

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The Factors of Production

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  1. The Factors of Production Information & Activities Guide to Chapter 19.1

  2. What are the Factors of Production? • Necessary resources to produce goods and services. • Includes 4 categories: • Land • Labor • Capital • Management • All 4 categories are needed to produce g/s. • Do part 2 of sheet!

  3. Circles of Knowledge Activity • Clear you desk of all materials. • Get in small groups of 3-4. • Get a marker & paper then go to desk. • You have 60 seconds to list as many uses as you can think of for that resource. • Can’t repeat items, can’t be illegal in NC, must be a reasonable, legitimate use! • Move in a clockwise motion to next station. • Marker travels with the group.

  4. Wrapping it Up • Using your marker, mark out any repetitive answers (keep the one given first), ridiculous answers, illegal answers, etc. Be fair and honest! • Total the number of responses by each color. • Put the marker down when you are done.

  5. REFLECTION: For p. 61 • Write your original resource at the top of page. • In a good paragraph, explain how you would use your resource if you really had it. Explain what natural resources you would need; how many and what kinds of workers you would need; what kinds of capital would you need to get your business venture off the ground; and whether or not you would be a successful entrepreneur in the business venture.

  6. Tying it all together! • What is GDP? • What does GDP measure? What does it NOT measure? • What does GDP gauge about a nation? • How does that relate to the factors of production? • Go over questions from chart.

  7. Assignment • To complete questions, read 19.2 & 27.1. • The last section is asking you to apply the definition of interdependence to those social issues! • You may work with your elbow partner.

  8. Circular Flow of Economic Activity Factors Market Land Labor Cap. Cap Mang. Land Businesses Governments Households Good Serv Good Serv Good Serv Product Market

  9. Interdependence • What is interdependence? • Could the US be independent from trade? Would we? Explain. • Do “Where in the World?” Activity

  10. “Where in the World?” You and a partner have 5 minutes to decide in what country the following corporations are headquartered: There are no repeats! • Nike 7. Firestone • Nestle 8. Michelin • Bayer 9. Fila Shoes • Tropicana 10. Baskin-Robins • Shell 11. Volvo • TV Guide 12. Bumblebee Tuna

  11. Answers!! Check your own papers, but by all means—BE HONEST!! • US 7. Japan • Switzerland 8. France • Germany 9. Italy • Canada 10. Great Britain • The Netherlands 11. Sweden • Australia 12. Thailand

  12. Interdependence Activity • You will be assigned to a group. • Pull out task sheet and read as a group. • Choose ONE trade representative. Only this person may leave the group. Assign other tasks to complete. • Raise you hands when all tasks are successfully completed and you are ready to be scored. • If you have questions, please raise your hand. • Remember the discussions of efficiency, quality, division of labor, and specialization.

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