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Producing Goods and Services

The effects of globalization and the factors of production on the Fender Stratocaster.
by

Laura Thrower

on 25 April 2013

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Transcript of Producing Goods and Services

Producing Goods and Services Example: The Cigarette Factors of Production Land Labor Capital Shipping
Equipment Any liquid forms of cash: bank loans, stocks, accounts payable Farming Tools Tobacco
Farms Tobacco
Farmers Factory
Workers Store
Clerk Wood Pulp Organic Chemicals and Additives The tobacco comes from
foreign countries where
labor is cheaper. The Cellulose Fibres
are sepperated from the
wood pulp in places like
Eastman to make the filters
and paper. There were 599 additives
listed by five of the major
cigarette companies that
was approved by the
Department of Health and
Human Services in 1994. The farmers of tobacco
are mostly in China and
Indonesia, but tobacco
can be grown all over the
world and imported. The factories can come
from all over the world
and the workers are many
different ethnicities
working there. When a good or service
is produced,
many people are paid,
many different materials
are purchased, and many
different tools are used.
Everything that goes into the production of a good or service falls into 1 of 4 categories known as a "factor of production". The money that is paid to get the cigarettes also goes toward paying the employes of the store that they were purchased from. The farmers use many
different tools to
cultivate the tobacco,
and all of them are purchesed by
cigarette users. There are many
methods used
to transport
the tobacco and the
finished product, and
all of them are paid
for by cigarette users. Places like Eastman make
the paper and filter for
the cigarettes. Entreprenuership Innovators Risk Takers Those responsible for combining land, labor, and capital in ways that will make a profit are considered entrepreneurs. What is the difference between a good and a service? What are choices society has to make with regards to producing goods and services? Other qualities? Think about why we don't ALL own our own business...what qualities are most people lacking? WHAT to produce? HOW to produce? FOR WHOM to produce?
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