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What economic steps go into the making of a ____?

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Presentation on theme: "What economic steps go into the making of a ____?"— Presentation transcript:

1

2 What economic steps go into the making of a ____?

3 4 Factors of Production (CN)BP#42 A. What are the 4 Factors of Production? B. How do supply and demand affect them? Book pages 103-104 Definition of factors of production – Definition of factors of production – List and describe the 4 FofP List and describe the 4 FofP1.2.3.4. If the supply of natural resources is low and the demand is high, then……. If the supply of natural resources is low and the demand is high, then……. If the demand for labor resources is high, then….. If the demand for labor resources is high, then…..

4 Entrepreneur - The idea person (on-tray-preh-newer) Labor Resources - The people who do the work. Natural Resources - The resources you use to create the product. Capital Resources - Equipment you use to make the product.

5 C. What are the 4 Factors of Production for a Lawn Care Business? 1. Natural resources Ex: Ex: 2. Capital Resources Ex: Ex: 3. Labor resources Ex: 4. Entrepreneur Ex:

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