Economic Resources. Factors of Production 1. Natural resources 2. Labor 3. Capital 4. Entrepreneurs.

Slides:



Advertisements
Similar presentations
Economics Chapter 1 Section 1.
Advertisements

BUSINESS BASICS Final BUSINESS BASICS Final. An entrepreneur is a risk-taker in search of profits.
Ch. 20 Section 1 Managing Your Money.
Warmup  Why does the dollar on the left have value, while the one on the right does not?
Chapter 1 What is Economics?.
Consumption, Income, and Decision making
Economics Chapter 3: Your Role as a Consumer
Macroeconomics. 1. Circular flow – the movement of output and income from one sector of the economy to another.
Unit 6: Business, Factors, & Economies Chapters 18, 19, & 26.
SCARCITY.
Budgeting and Financial Planning. Budgets Budget: A plan for how a person, family, or organization will raise and spend money. Why do you think it is.
The American Economy Chapter 19 Notes.
Chapter 19: The American Economy
Consumers, Savers and Investors Chapter 6
Bellringer 4/8/13 Make a list of the four factors of production. (hint: chapter 19 section 1) Factors Of Production.
Your Role as a Consumer. Disposable and Discretionary Income Disposable – Income a person has left after all taxes have been paid – Used to buy necessities.
What is Economics? Chapter 1.
WARMUP  Why does the dollar on the left have value, while the one on the right does not?
The Right to:  To purchase products and brands that you want and reject the others  To become any profession that you want  Enter into any enterprise.
LCJSMS WE THE STUDENTS 8 TH GRADE 2013 Economics.
Bell Starter (Section 1) Key Terms  Goods  Services  Factors of production  Natural resources  Labor Key Terms  Capital  Entrepreneur  Gross Domestic.
Chapter 19.4 The Economy and You. Consumer Rights and Responsibilities  Consumers have rights and responsibilities in our free enterprise system.  Consumerism.
Chapter 2 Economic Activity. Objectives Describe Gross Domestic Product Describe Gross Domestic Product Identify and describe economic measures of labor.
Cook Spring  What is Economics? ◦ The study of how we make decisions  What is the fundamental problem facing all societies? ◦ Scarcity – not having.
Unit 8 Economic Systems of Africa JE # 4 What are the 4 factors of production or economic growth? Capital Goods Human Capital Natural Resources Entrepreneurship.
The American Economy Today, you will need notebook paper.
Chapter 19 Objectives: 7.01, 7.04, 7.05, 7.06, 8.02, 8.03, 8.06, 9.01.
Economics “The Basics of Economics”. Part I: The Basic Terms of Economics.
The Four Factors of Production (CELL)
Budgeting and Financial Planning Why should people make a plan for how to get and spend money? What strategies can be used to do this most effectively?
The Circular Flow of Economic Activity. Consumers w Consumers play 3 roles in the economy Consumer -- user of goods and services. Free to choose. Can.
Economic Resources. Economic Systems -nations have different economic systems Four Basic Questions -every nation’s economic system must answer four basic.
ECONOMIC PRINCIPLES CH. 18&19. GOODS AND SERVICES Goods- production output in the form of material items such as books, movies, or automobiles Services-
The American Economy Chapter 19. Economic Resources Chapter 19.
E CONOMICS Chapter One. C HAPTER O NE 1. Scarcity and the Science of Economics 2. Basic Economic Concepts 3. Economic Choices and Decision Making.
Economic Resources and Economic Decisions. Producing Goods and Services Economic output includes goods, or tangible products, and services—work performed.
ECONOMIC SYSTEM COMPONENTS Private Ownership l Control of productive resources land labor capital that are used to produce goods and services.
Chapter 19 Review 56 Slides in 45 minutes 40 Question Test Time is a valuable economic resource don’t waste it.
The American Economy.
Economics. What resources were used to produce this car?
Consumerism UNIT IV. Disposable and Discretionary Income Consumer- a person or group who buys or uses goods and services to satisfy needs/want Disposable.
What is Economics? Chapter 1.
Unit One Thinking Like an Economist Fundamental Economic Concepts.
{ WHAT IS ECONOMICS? Chapter 1 Section 1, 2, and 3.
Human Capital and Capital Goods Describe factors that influence economic growth and examine their presence or absence in Europe.
Georgia Studies Unit 9: Personal Finance Lesson 1: Personal Finance
What is Economics? How Economic Systems Work Economic Resources Capitalism and Free Enterprise.
JA Our City 3rd Grade Volunteer’s Name Volunteer’s Title Volunteer’s Company.
The Role of the Consumer n Consumer purchases drive the economy –GDP=C+G+Ig+Xn –C=two thirds of GDP n Savings –Ig=Business spending comes from business.
Economics. Chapter 18 Section 1 How Economics Works Economics is the study of how we deal with scarcity. ▫Unlimited needs and wants with limited resources.
SS6E1/SS6E5/SS6E8 The student will analyze different economic systems. SS6E2/SS6E9 The student will analyze the benefits and barriers to voluntary trade.
Personal Finance & Economics
Factors of Production.
EOC Review Civics and Economics Economics Basics & Types of Economies
INTRODUCTION TO ECONOMICS
Chapter 19 The American Economy.
Personal Finance & Economics
The Economy and You Economics Pt. 1, Lesson 5.
Being an Economically Smart Citizen
You the Consumer.
Chapter 17 The American Economy.
The Fundamental Economic Problem
What is Economics?.
The Economy and You Economics Pt. 1, Lesson 5.
Chapter 19 Section 1.
The Economy and the Individual
Economic Resources Economics Pt. 1, Sec. 3.
Economic Resources.
Economic Resources Economics Pt. 1, Sec. 3.
Chapter 19.4 The Economy and You.
Presentation transcript:

Economic Resources

Factors of Production 1. Natural resources 2. Labor 3. Capital 4. Entrepreneurs

Factors of production Explain Natural resources Labor Capital Entrepreneur

Natural Resources Any gift of nature that makes production possible Examples: fields, rain, forest, minerals, oil

Labor Human resources Any way that people contribute to the production of goods Can be both physical and mental

Capital Tools, machinery, and buildings used in production Most capital is a result of production Consumer goods satisfy wants directly and capital goods satisfy wants indirectly

Entrepreneurs People who start a new business, introduce new products, and improve management techniques People take risk to make money Driving force in the economy

Gross Domestic Product GDP is the total dollar value of all final goods and services produced in a country in a year. It is an important measure of the standard of living- the quality of life based on the possession of necessities and luxuries that make life easier.

Bellwork Define Key Terms page 434

Answer the following questions from What does the circular flow chart on page 429 demonstrate? 2. What is a product market? 3. How does a product market differ from a factor market? 4. Why is economic growth important? 5. How do businesses increase productivity? 6. What is specialization? 7. How is division of labor a form of specialization? 8. How does the economic interdependence affect productivity?

Bellwork Define key terms on page 438

Consumer rights Congress has passed many laws that protect the rights of the consumer For example identifying the contents and the weight

Consumer Bill of Rights 1. Right to a safe product 2. Right to be informed 3. Right to choose 4. Right to be heard 5. Right to redress

Your Role as a Consumer 1. Uses of income 2. Decision making 3. What are your goals? 4. Saving for the future 5. Saving regularly 6. Decisions about your savings

Uses of Income Disposable income- money left over after taxes Discretionary income- money after paying bills Charge account- line of credit at a particular store Credit card- can be used at any store that accepts that card, then the credit card company sends a bill to the consumer

Decision Making Involves opportunity cost The cost of the next best alternative for the same money Example: do I spend $100 on pants or buy something else with that $100

What Are Your Goals If you want a new Ipad you may do extra chores to pay for it. You will not get some new shoes until you have your Ipad Create a budget

Saving for the Future The way to make large purchases like cars or homes is to save Saving is when you set aside a portion of your money every month

Saving Regularly Some business can take some of you money from your check and put it in a savings account for you Others may put money in savings themselves People can earn interest on their savings account

Deciding About Your Savings The more you save the more you will have later Deciding how much to save is up to you You should ask yourself these questions 1. How much do I spend everyday? 2. What’s my reason for saving? 3. How fast will my savings grow? 4. How much will I make in the future?