Presentation is loading. Please wait.

Presentation is loading. Please wait.

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

Similar presentations


Presentation on theme: "4 Types of Resources Reference Chapter 1.4 in your text for additional information."— Presentation transcript:

1 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 1.Land 2.Labor 3.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 1.LandRent 2.LaborWages 3.CapitalInterest 4.EntrepreneurshipProfit

12 Price = the sum of the monetary payments to resources

13 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


Download ppt "4 Types of Resources Reference Chapter 1.4 in your text for additional information."

Similar presentations


Ads by Google