Who are Producers?

Who are Consumers?

Person or people that make a good or provide a service (Sellers)

Person or people that use or purchase a good or a service

(Buyers)

(R21)

The 4 Factors of

Production

Today’s Standard

SS6E7 The student will describe the

factors that cause economic growth and examine their

presence or absence in Europe.

Intro to our Essential Question……..

What are the 4 Factors of Production?

(R21) The

Four Factors of

Production

What is Production?

Production is:

1. How goods are made with resources

2. How services are performed

**Production of any sort requires a resource or a combination of

resources

1. Natural Resources

Natural resources are gifts of nature that are used to

make products.

Examples:Plants, Mined Metals,

Animals, Oil, Coal, Minerals, etc.

2. Human ResourcesHuman resources

(aka-Labor) include the people with skills necessary to produce a product or

perform a service.

Examples:Lumberjacks, Doctors, Teachers,

Lawyers, Factory Workers, Truck Drivers, etc.

3. Capital Resources

Capital resources are the tools and machines that humans

need to turn natural resources into final

products.

Examples:Chainsaws, Trucks, Factories, Computers, Drills, Mining Rigs,

etc.

4. Entrepreneurship

Entrepreneurs are those people who come up with the idea for a product or service and

bring the necessary resources together to make

it happen.

Basically……..the people with the idea.

Entrepreneurship

These people are the brains & the money behind production. They have an idea, develop a plan to make that idea a reality, & implement the

plan….. All in the hopes of making money.

Russell Simmons(Def Jam Records, Phat Farm Clothing)

Ted Turner(CNN, Atlanta Braves)

Oprah Winfrey(Harpo Industries)

Bill Gates(Microsoft)

4 Factors of Production Foldable ActivityDirections: Using computer paper, you will produce a foldable study guide focusing on the 4 factors of production. Each Factor will have a designated page on which you will include a description, illustration(s), and examples of each factor of production.

Grading Criteria: ***Each Page/Factor will be worth 25%----Description (10%)

Examples (5%) Color Illustrations (5%) Correctly Labeled (5%)

Return to our Essential Question……..

What are the 4 Factors of Production?

Social Studies Entrepreneurship Activity

~Competition in a Market Economy~

$$$$ The Money of Consumers $$$

P P

P

P

P = Producer