1. Reference Chapter 1.4 in your text for additional information
4 Types of Resources
Reference Chapter 1.4
in your text for additional information

2. Resources = what is needed to produce goods and services

3. Resources = Factors of Production

4. Economists classify RESOURCES or factors of production in 4 categories
Land
Labor
Capital
4. Entrepreneurship

5. Land includes all natural resources

6. LABOR

7. Capital= produced goods that can be used for further production
Farm machinery, industrial tools, factories
Also, commonly, investment money

8. Entrepreneurship
The special talent some people have for searching out and developing new ideas
The special talent for developing new products and new ways of doing things.
But how is an entrepreneur different from an inventor?

9. Which category of resources identifies these?
Frida’s work as a secretary
Iron ore
Crop-duster airplane
Computer used to write a book
Comedian telling jokes on tv
Singer in an out-door concert
Teacher
Someone inventing and marketing a new good
Crude Oil
Deep sea oil platform

10. People need resources so they pay for them.
We can describe that payment by using money.
Monetary payments to Resources:

11. Monetary payments to Resources:
Land Rent
Labor Wages
Capital Interest
Entrepreneurship Profit

12. Price = the sum of the monetary payments to resources

13. Economics is Everywhere
Let’s Play a Game !!!
Get side-by-side with your partner so you can see the screen.
Write both your names on the top of a piece of paper. Include the period.
Title your paper:
Economics is Everywhere