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Transcript of Day 7
Analyze the list below to determine which factor of production each thing falls under. Make 4 separate lists:
Land, Labor, Human Capital, Physical Capital
grass for grazing
What is the difference between SCARCITY AND SHORTAGES??
So who puts land, labor, and capital together
to create new goods and services??
Entrepreneurs take risks to develop original ideas, start businesses, create new industries, and fuel economic growth.
We all make them, businesses, large groups of people, even governments!
Are all the alternatives we give up whenever we choose
one course of action over another.
Businesses and Trade-offs
Society and Trade-offs
Go to work instead of watching the football game
A farmer decides whether to produce broccoli or cauliflower on his 1 acre.
Guns or Butter
One alternative is usually more desirable than all others. The most desirable alternative is called the
Group 1: Pizza Parlor
Group 2: Internet based baking company
Group 3: Clothing manufacturer
Group 4: Vegetable Farmer
Group 5: Producer of a new candybar
Group 6: PR team for the prodcuers of the new
candybar that group 6 is creating
Group 7: Construction Company
Group 8: Gym owners
*Shortage occurs when producers CANNOT or WILL NOT
offer goods and services at current prices.
*Scarcity always exists, whereas shortages do not.
Scarcity always exists because our needs and wants
are always greater than our resource supply.
Topic: Opportunity Costs
EQ: What is the difference between
opportunity cost and trade-offs?
-Wrapping up candy activity
-Lecture/Notes: Topic: Opportunity Cost
EQ: How does opportunity cost affect our
-Early Stages of a business proposal:
Today's assignment Instructions:
Early Stages of a business proposal:
Each group will be create an original business. With your group, discuss the factors of production that you will need to get your business started. Write down all of the factors of production for your new business, and be prepared to share out with the class.
Summarize Your Notes
* Groups of 3-4. Each group member must write a list. You will turn in all lists together.
I'm so cute..
Even if I do
only have 3 legs
What was your opportunity cost of attending school today?
List 6 local (Solano County) businesses
that you frequent on a regular basis. If you
don't frequent any businesses regularly, make a
list of businesses that your guardians frequent.
-Going to library to check out Econ books
-Intro to Econ Project
-Passing out HW Pass to the candy list winner
-Working in groups to finish yesterday's assignment