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Economics Is Everywhere. Round 1 you look for 3 goods & services Round 2 you look for 3 factors of production.

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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:

1 Economics Is Everywhere

2 Round 1 you look for 3 goods & services Round 2 you look for 3 factors of production

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4 Look at each of 8 photographs and identify three goods and services for each. You have 1 minute to look at each picture.

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13 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.

14 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.

15 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


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