1. Basic Economic Concepts
The Study of Economics
Purpose: Identify the primary resources needed to produce within the economy.

2. I. Goals
Define and provide examples of the four factors of production.

3. II. Factors of Production
Labor:
all human attributes that are productive
Land:
all natural resources
Capital (Physical and Human):
productive equipment or machinery
Entrepreneurship:
Innovation and risk taking

4. II. Factors of Production
Labor
Grocery store clerk
Lumberjack
Land
Water
Dirt
Capital
Tools and machinery (physical capital)
Skills and education (human capital)
Entrepreneurship
Innovators and risk-takers
Steve Jobs or Mark Zuckerberg