FrontPage : What resources would be used to put on the prom? Make a list. The Last Word: Reviewing Key Concepts

S CARCITY L EADS TO 3 B ASIC E CONOMIC Q UESTIONS Every society, from tribal to technologically advanced, has to decide, in one way or another, the answer to these 3 questions: Question #1: What will be produced? Which goods or services? How much? May be determined, in part, by access to natural resources. Question #2: How will it be produced? How can scarce resources be used most efficiently? Influenced by natural resources and technology. Question #3: For whom will it be produced? How will the goods/services produced be distributed to people? **Each society answers these questions differently; leads to different economic systems.

T HE F ACTORS OF P RODUCTION As we ask these questions, we should keep in mind that there are different resources that go into production… Every producer has to make use of resources to produce their good/service We have categories for the various types of resources used to do this… The Factors of Production: resources needed to produce goods and services. Land = natural resources Labor = human effort Capital = resources made and used by people to produce goods and services (tools, machinery, etc.) Entrepreneurship = the combo of vision, skill, and risk taking needed to create and run businesses

C LASSIFYING T ERMS – WHERE WOULD THESE FALL ? Taxi Cab Salesperson Store Owner Factory Savings bond CEO of GM Teacher School Bus Personal Computer Air Tires River Slave Flowers for Your Sweetie A $10 bill Wild Boar

W HAT FACTORS OF PRODUCTION WENT INTO MAKING THE FOLLOWING ITEMS ?

The Chicago-based candymaker’s creation weighed in at a shocking 12,000 pounds and measures 3-feet high and 21-feet long. Eddie Opler, CEO of World's Finest Chocolate, said: 'We purposely made this bar to be an example of "portion distortion."' He added: 'We're committed to educating families about eating right and staying active and doing it in a fun and engaging way.' The chocolate company will feature the candy bar on a tour of schools called 'Think Big. Eat Smart. L ARGEST CANDY BAR EVER

Robert Pershing Wadlow is the tallest person in history for whom there is irrefutable evidence. Wadlow is sometimes known as the Alton Giant or Giant of Illinois because he was born and grew up in Alton, Illinois. Wadlow reached 8 ft 11.1 in (2.72 m) in height and weighed 439 lb (199 kg) at his death at age 22. His great size and his continued growth in adulthood were due to hyperplasia of his pituitary gland, which results in an abnormally high level of human growth hormone. He showed no indication of an end to his growth even at the time of his death. Around 5,000 people attended Wadlow's funeral on July 19, He was buried in a 10-foot-long (3.0 m), half-ton coffin that required twelve pallbearers to carry and was interred in a vault of solid concrete. It was believed that Wadlow's family members were concerned for the sanctity of his body after his death, and wanted to ensure it would not be disturbed or stolen.

New World Record Set: The Biggest Burger Ever Here are a few interesting stats about that big ‘ol burger: It took 8 hours to bake the bun, it took 15 hours to bake the burger, it weighs 185lbs (84kg), it sells for $499, it had to be wheeled into the restaurant, and it is topped with cheese, lettuce and tomato.

The latest iPhone rumor is that the iPhone 5s, sometimes dubbed the iPhone 6, will include a fingerprint detector.

F ACTORS OF P RODUCTION Land (green) Labor (blue) Capital /technology (red) Entrepreneurship (yellow)

Founder of the Pencil Company Rubber Rubber Trees Soil Water Zinc Graphite Wood Pencil Manufacturing Equipment Factory Workers Delivery Truck Miners Consumer Driver Mining Equipment Lumberjacks Forest Ex. Pencil Stockperson and Sales clerk

F ACTORS OF P RODUCTION A CTIVITY