Presentation on theme: "Economics Is Everywhere. Round 1 you look for 3 goods & services Round 2 you look for 3 factors of production."— Presentation transcript:
Economics Is Everywhere
Round 1 you look for 3 goods & services Round 2 you look for 3 factors of production
Look at each of 8 photographs and identify three goods and services for each. You have 1 minute to look at each picture.
Identify three factors of production. For each items you identify as a factor of production, you must also accurately categorize it. You have 2 minutes for each picture this round. Next, we will read off those items identified and you will cross it off your list if it is a match. All items left on your list are worth 2 points.
Find a photograph of someone that shows examples of goods and services and factors of production. Identify three to five goods or services in the photograph. Draw a line from each one to a caption that tells why it is a good or a service. Identify two or three factors of production in the photograph. Draw a line from each one to a caption that tells how it is an example of land, labor, or capital. Finally, describe where the person is and why you think he/she is there. Then identify the opportunity cost for being there.
Good: Product Telephone Good: Product American Flag Good: Product Picture Frame FoP: Labor Commander in Chief FoP: Land Wool for curtains FoP: Capital Telephone President Kennedy in the Oval Office working on legislation. Opportunity cost: Camp David w/ the kids