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Take three minutes to do the following:
Study Figure 5 “World Population Growth Rate” on p.SH10 Where is the greatest population? Lowest population? Why would economist care about world population?
Study Figure 9 “US Land Use and Land Cover) on p. SH-12 What are the two biggest uses of land in the US? Is that surprising to you? Yes or no Why would an economist care how we use our land?
GRAPH STUDY
Grab a textbook and finish the assessment on page 8-9
Turn in when done
BELLRINGER
Day 1 (Monday) Check homework (supplies) Discussion: scarcity and resources Textbook reading: p. 3-8 Classwork: Review and assessment p. 8-9 (TURN IT IN)
Day 2 (Tuesday) Bellringer (Finish assessment p. 8-9) Notes: Scarcity and FOP Review classwork from Day 1 Exit ticket: identify FOP in a business and define scarcity
AGENDA
SCARCITY & FACTORS OF PRODUCTION
Students will demonstrate an understanding of the four factors of production by identifying factors in a fictitious business
Students will define the word scarcity as an exit ticket
Students will demonstrate an understanding of how scarcity and the FOP are linked by completing an assessment on page 8-9 in their textbook
OBJECTIVES
What is an example of a “need”? Something that is absolutely essential for you to survive
Water Money House
What is an example of a “want”? Something that is superfluous (means extra!) to your needs. You
do not need these things to survive. Pizza A mansion Abercrombie hoodie
NEEDS VS. WANTS
IDENTIFY:
How would you explain the difference between goods and services?
Goods: Tangible items you can hold in your hand
Services: Things that you pay someone to do for you
GOODS VS. SERVICES
WHICH ONES ARE WHICH?
Limited quantities of resources to meet unlimited wants
SCARCITY
What is scarcity?
Limited quantities of resources to meet unlimited needs!!
CFU
Factors of production + scarcity = economics
Economics: The study of scarcity and how scarcity affects the world around us
FACTORS OF PRODUCTION
LandLaborCapital (human, physical, financial)Entrepreneur
FACTORS OF PRODUCTION
Land: all natural resources. Key = NATURAL
Labor: Physical actions performed that require no specialized knowledge or upper level education
Entrepreneur: Someone who combines the factors of production to create a business.
FACTORS OF PRODUCTION
Financial capital = cash money!! You need money to start a business!
Human capital = knowledge and skills a worker gains through education and experience
Physical capital = The “stuff” you need to build a business (building, tools, etc….)
TYPES OF CAPITAL
An office building? Physical capital
An assembly line worker? Labor
A tree used to make paper? Land
Unused soil? Land
An artist? Human capital
A business owner? Entrepreneur
WHICH FOP?
You wanna start a business that specializes in writing research papers for other students. Identify something for each of the five factors of production that you will need in order to successfully get this off the ground….
SOOOOO…..
Factors of production:
Land Where will this business be located? Your house? Will you buy a
store front building? Labor
Who will be physically typing the papers? You? Hiring workers? Capital
What types of skill sets will you (or your workers) be required to have (Human capital)? What tools will you need to be successful in this business? How much money to get started?
Entrepreneur You!
Add that with scarcity (people have scarce time and money, not many competitors) and you will have a successful business
PAPER WRITING BUSINESS…
Let’s go over yesterday’s classwork…
REVIEW
On your whiteboard:
Define Scarcity
List the factors of production
EXIT TICKET
Identify an example of each of the five factors of production for the Subway in Windsor
HOMEWORK