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Factors of Production
Transcript of Factors of Production
are used to produce goods
Any effort a person
devotes to a task for
which that person is paid.
Any human-made resource that is used to create other goods and services.
All factors can make a product, but they are missing someone willing to take the RISK to put all 3 together. This person is known as an:
the study of how people
make choices to satisfy their wants.
Will you choose to do your Econ homework or go to see Planes with your friends?
Will Mr. Zuckerman hire another software engineer or a marketing expert?
"You can't always get what you want"
Scarcity vs. Shortage
Scarcity: Occurs when there are limited quantities of resources to meet unlimited needs or desires.
Scarcity or shortage?
Factor of Production #2:
Factor of Production #3:
Skills a worker gains
Buildings and tools
that save companies
time & money.
In your binders, find the factors
of production for Starbucks.
Then, brainstorm THREE more products
or companies, and list 3 of each factor for each product/company that you brainstorm.
Company #1: ________________
Land example; (1) _______ (2) _______ (3) ______
Labor example; (1) ______ (2) _______ (3) ______
Capital example; (1) ______ (2) _______ (3) _______
Now take a candy bar...
Cocoa: West Africa, Central & South America, and parts of Asia
Nuts: Worldwide, depending on the type of nut
Aluminum Foil (for wrapper): West Indies, North America, and Australia
Sugar: Brazil (primarily), India, and China
Paper (for wrapper): North America
Raisins: California, Turkey, Chile
Milk: United States
Corn Syrup: United States, Europe, Brazil, & Mexico
Vanilla: Madagascar, Indonesia, China, & Mexico
1. How is the idea of the entrepreneur represented here?
2. Do you like/agree with what Elon Musk is attempting to do?
Respond in your Journals:
Brainstorm: What is ?
Shortage: Occurs when producers will not or cannot offer goods or services at current prices.
The Language of Billiards
What are some words in the game of pool that have a "double meaning"?
What does this guy have to do with what we just did?