SlideShare a Scribd company logo
1 of 21
 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
 Land
 Labor
 Capital (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

More Related Content

Similar to Scarcity Factors of Production.ppt

1 Intro to Entrepreneurship
1  Intro to Entrepreneurship1  Intro to Entrepreneurship
1 Intro to Entrepreneurship
john3092
 
Detailed Individual Assignment FormatLecture of 22nd February .docx
Detailed Individual Assignment FormatLecture of 22nd February .docxDetailed Individual Assignment FormatLecture of 22nd February .docx
Detailed Individual Assignment FormatLecture of 22nd February .docx
simonithomas47935
 

Similar to Scarcity Factors of Production.ppt (20)

Basic Economic Concepts
Basic Economic ConceptsBasic Economic Concepts
Basic Economic Concepts
 
Aralin 3 Ekonomiks
Aralin 3 EkonomiksAralin 3 Ekonomiks
Aralin 3 Ekonomiks
 
Students workbook (short version)
Students workbook (short version)Students workbook (short version)
Students workbook (short version)
 
Basic Economic Concepts (1).ppt
Basic Economic Concepts (1).pptBasic Economic Concepts (1).ppt
Basic Economic Concepts (1).ppt
 
Basic economic concepts
Basic economic conceptsBasic economic concepts
Basic economic concepts
 
Peru Professionals Of The New Millennium 8 16 10
Peru  Professionals Of The  New  Millennium 8 16 10Peru  Professionals Of The  New  Millennium 8 16 10
Peru Professionals Of The New Millennium 8 16 10
 
business english(GAC 012)
business english(GAC 012)business english(GAC 012)
business english(GAC 012)
 
Salzburg Keynote March 27, 2007
Salzburg Keynote March 27, 2007Salzburg Keynote March 27, 2007
Salzburg Keynote March 27, 2007
 
Preparing Students for Business Journalism's Future - Reynolds Week 2011
Preparing Students for Business Journalism's Future - Reynolds Week 2011Preparing Students for Business Journalism's Future - Reynolds Week 2011
Preparing Students for Business Journalism's Future - Reynolds Week 2011
 
Factors of Production
Factors of ProductionFactors of Production
Factors of Production
 
Elementary intelligent business (pearson)
Elementary intelligent business (pearson) Elementary intelligent business (pearson)
Elementary intelligent business (pearson)
 
Unit #1 student
Unit #1 studentUnit #1 student
Unit #1 student
 
Slide thuyết trình môn market leader 4 unit 4 success cô lương thị minh hương...
Slide thuyết trình môn market leader 4 unit 4 success cô lương thị minh hương...Slide thuyết trình môn market leader 4 unit 4 success cô lương thị minh hương...
Slide thuyết trình môn market leader 4 unit 4 success cô lương thị minh hương...
 
Entrepreneurs
EntrepreneursEntrepreneurs
Entrepreneurs
 
Introduction to econ new 1
Introduction to econ new 1Introduction to econ new 1
Introduction to econ new 1
 
The Economic System
The Economic SystemThe Economic System
The Economic System
 
1 Intro to Entrepreneurship
1  Intro to Entrepreneurship1  Intro to Entrepreneurship
1 Intro to Entrepreneurship
 
Slide 1 1mm - the basic economic problem
Slide 1 1mm - the basic economic problemSlide 1 1mm - the basic economic problem
Slide 1 1mm - the basic economic problem
 
Detailed Individual Assignment FormatLecture of 22nd February .docx
Detailed Individual Assignment FormatLecture of 22nd February .docxDetailed Individual Assignment FormatLecture of 22nd February .docx
Detailed Individual Assignment FormatLecture of 22nd February .docx
 
Why be an entrepreneur?
Why be an entrepreneur?Why be an entrepreneur?
Why be an entrepreneur?
 

Recently uploaded

Bahawalpur Culture.pptx pptx pptx pttx pttx
Bahawalpur Culture.pptx pptx pptx pttx pttxBahawalpur Culture.pptx pptx pptx pttx pttx
Bahawalpur Culture.pptx pptx pptx pttx pttx
AbdulNasirNichari
 
wiley-cpa-review-focus-notes revieww.pdf
wiley-cpa-review-focus-notes revieww.pdfwiley-cpa-review-focus-notes revieww.pdf
wiley-cpa-review-focus-notes revieww.pdf
allysaamping
 

Recently uploaded (20)

Bahawalpur Culture.pptx pptx pptx pttx pttx
Bahawalpur Culture.pptx pptx pptx pttx pttxBahawalpur Culture.pptx pptx pptx pttx pttx
Bahawalpur Culture.pptx pptx pptx pttx pttx
 
Population Growth and Economic Development
Population Growth and  Economic DevelopmentPopulation Growth and  Economic Development
Population Growth and Economic Development
 
how do i sell pi coins in Pakistan at the best rate.
how do i sell pi coins in Pakistan at the best rate.how do i sell pi coins in Pakistan at the best rate.
how do i sell pi coins in Pakistan at the best rate.
 
how do I get a legit pi buyer in the internet (2024)
how do I get a legit pi buyer in the internet (2024)how do I get a legit pi buyer in the internet (2024)
how do I get a legit pi buyer in the internet (2024)
 
wiley-cpa-review-focus-notes revieww.pdf
wiley-cpa-review-focus-notes revieww.pdfwiley-cpa-review-focus-notes revieww.pdf
wiley-cpa-review-focus-notes revieww.pdf
 
How to exchange my pi coins on HTX in 2024
How to exchange my pi coins on HTX in 2024How to exchange my pi coins on HTX in 2024
How to exchange my pi coins on HTX in 2024
 
Bitcoin Masterclass TechweekNZ v3.1.pptx
Bitcoin Masterclass TechweekNZ v3.1.pptxBitcoin Masterclass TechweekNZ v3.1.pptx
Bitcoin Masterclass TechweekNZ v3.1.pptx
 
Top 5 Asset Baked Tokens (ABT) to Invest in the Year 2024.pdf
Top 5 Asset Baked Tokens (ABT) to Invest in the Year 2024.pdfTop 5 Asset Baked Tokens (ABT) to Invest in the Year 2024.pdf
Top 5 Asset Baked Tokens (ABT) to Invest in the Year 2024.pdf
 
How can I sell my Pi coins in Vietnam easily?
How can I sell my Pi coins in Vietnam easily?How can I sell my Pi coins in Vietnam easily?
How can I sell my Pi coins in Vietnam easily?
 
How do I unlock my locked Pi coins fast.
How do I unlock my locked Pi coins fast.How do I unlock my locked Pi coins fast.
How do I unlock my locked Pi coins fast.
 
how do I cash out pi network coin in 2024.
how do I cash out pi network coin in 2024.how do I cash out pi network coin in 2024.
how do I cash out pi network coin in 2024.
 
International economics – 2 classical theories of IT
International economics – 2 classical theories of ITInternational economics – 2 classical theories of IT
International economics – 2 classical theories of IT
 
Maximize Your Business Potential with Falcon Invoice Discounting
Maximize Your Business Potential with Falcon Invoice DiscountingMaximize Your Business Potential with Falcon Invoice Discounting
Maximize Your Business Potential with Falcon Invoice Discounting
 
Human Capital: Education and Health in Economic Development
Human Capital:  Education and Health      in Economic DevelopmentHuman Capital:  Education and Health      in Economic Development
Human Capital: Education and Health in Economic Development
 
Monthly Market Risk Update: May 2024 [SlideShare]
Monthly Market Risk Update: May 2024 [SlideShare]Monthly Market Risk Update: May 2024 [SlideShare]
Monthly Market Risk Update: May 2024 [SlideShare]
 
2. Natural of the history odf dieseases-1.ppt
2. Natural of the  history odf dieseases-1.ppt2. Natural of the  history odf dieseases-1.ppt
2. Natural of the history odf dieseases-1.ppt
 
NO1 Popular Best Rohani Amil In Lahore Kala Ilam In Lahore Kala Jadu Amil In ...
NO1 Popular Best Rohani Amil In Lahore Kala Ilam In Lahore Kala Jadu Amil In ...NO1 Popular Best Rohani Amil In Lahore Kala Ilam In Lahore Kala Jadu Amil In ...
NO1 Popular Best Rohani Amil In Lahore Kala Ilam In Lahore Kala Jadu Amil In ...
 
Economics - Development 01 _ Handwritten Notes.pdf
Economics - Development 01 _ Handwritten Notes.pdfEconomics - Development 01 _ Handwritten Notes.pdf
Economics - Development 01 _ Handwritten Notes.pdf
 
What is an ecosystem in crypto .pdf
What  is  an  ecosystem  in  crypto .pdfWhat  is  an  ecosystem  in  crypto .pdf
What is an ecosystem in crypto .pdf
 
how do i convert pi coins to usdt easily.
how do i convert pi coins to usdt easily.how do i convert pi coins to usdt easily.
how do i convert pi coins to usdt easily.
 

Scarcity Factors of Production.ppt

  • 1.  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
  • 2.  Grab a textbook and finish the assessment on page 8-9  Turn in when done BELLRINGER
  • 3.  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
  • 5.  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
  • 6.  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
  • 8.  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
  • 9. WHICH ONES ARE WHICH?
  • 10.  Limited quantities of resources to meet unlimited wants SCARCITY
  • 11.  What is scarcity?  Limited quantities of resources to meet unlimited needs!! CFU
  • 12. Factors of production + scarcity = economics Economics: The study of scarcity and how scarcity affects the world around us FACTORS OF PRODUCTION
  • 13.  Land  Labor  Capital (human, physical, financial)  Entrepreneur FACTORS OF PRODUCTION
  • 14.  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
  • 15.  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
  • 16.  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?
  • 17.  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…..
  • 18.  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…
  • 19.  Let’s go over yesterday’s classwork… REVIEW
  • 20.  On your whiteboard:  Define Scarcity  List the factors of production EXIT TICKET
  • 21.  Identify an example of each of the five factors of production for the Subway in Windsor HOMEWORK