Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Factors of Production

Land, Labor, & Capital
by

Sarah Finn

on 25 January 2016

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Factors of Production

Factor of Production #1: Land
All
natural
resources that
are used to produce goods
and services.
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:
Results
Factors of
Production
PUSH TO
START

the study of how people
make choices to satisfy their wants.
Economics is
For example:
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?
But....
"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:
Labor
Factor of Production #3:
Capital
ENTREPRENEUR

Bill Gates
Microsoft
Howard Schultz
Starbucks
Physical capital:
Human capital:
Skills a worker gains
through experience
and education.
Buildings and tools
that save companies
time & money.
END
HERE

Economics is
In your binders, find the factors
of production for Starbucks.
Land:
Labor:
Physical Capital:
Human Capital:
Entrepreneur:
Then, brainstorm THREE more products
or companies, and list 3 of each factor for each product/company that you brainstorm.
Ie:
Company #1: ________________
Land example; (1) _______ (2) _______ (3) ______
Labor example; (1) ______ (2) _______ (3) ______
Capital example; (1) ______ (2) _______ (3) _______
Now take a candy bar...
Components
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.
http://www.cbsnews.com/news/howard-schultz-the-star-of-starbucks/
Pool
Bridge
Cue
Bank
The Language of Billiards
What are some words in the game of pool that have a "double meaning"?
http://www.tubechop.com/watch/3448676
Circular Flow
What does this guy have to do with what we just did?
Full transcript