1. SS.912.E.1.1 Identify the factors of production and why they are necessary for the production of goods and services Standard 1 Understand the fundamental concepts relevant to the development of a market economy SS.912.E.1.1 Identify the factors of production and why they are necessary for the production of goods and services

2. 3 “Classic” Factors: 1)Land 2)Labor 3)Capital

3. A More Comprehensive and Complete Listing: 1)Land, with varying degrees of fertility 2)Natural Resources 3)Machines and other human-made physical resources 4)Animal Resources 5)Technology 6)Human Resources, including skills, talent, and knowledge

4. Why necessary? Resources are the inputs to the production process Without them, we couldn’t produce goods and services to sustain living standards

5. The Great Economics Mysteries Book Chapter 5 Lesson 1 Why Haven’t We Run Out of Natural Resources?

6. Video: Stossel 2007 Oil Supplies

7. Focus: Understanding Economics in US History Lesson 20 Was Free Land a Good Deal?

8. Video: History Channel farming technology

9. The Great Economics Mysteries Book Chapter 5 Lesson 4 The Tragedy of the Commons