economics is everywhere. round 1 you look for 3 goods & services round 2 you look for 3 factors...
TRANSCRIPT
Economics Is Everywhere
•Round 1 you look for 3 goods & services•Round 2 you look for 3 factors of production
• Look at each of 8 photographs and identify three goods and services for each.
• You have 1 minute to look at each picture.
• Identify three factors of production.
• For each items you identify as a factor of production, you must also accurately categorize it.
• You have 2 minutes for each picture this round.
• Next, we will read off those items identified and you will cross it off your list if it is a match.
• All items left on your list are worth 2 points.
Find a photograph of someone that shows examples of goods and services and factors of production. Identify three to five goods or services in the
photograph.Draw a line from each one to a caption that tells why it
is a good or a service.Identify two or three factors of production in the
photograph.Draw a line from each one to a caption that tells how it
is an example of land, labor, or capital.Finally, describe where the person is and why you think
he/she is there. Then identify the opportunity cost for being there.
Good: ProductTelephone
Good: ProductAmerican Flag
Good: ProductPicture Frame
FoP: LaborCommander in Chief
FoP: LandWool for curtains
FoP: CapitalTelephone
President Kennedy in the Oval Office working on
legislation.Opportunity cost: Camp
David w/ the kids