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Economics August 4, 2015 1. What is the basic fundamental economic problem facing society? 2. What is the difference between a good and a service? 3. What do the following have in common: Bill Gates, Oprah Winfrey, Steve Jobs, and Truett Cathy? 4. What does TINSTAAFL stand for? 5. List four things you buy on a regular basis and draw a picture of each on your copy paper. 6. Open your envelope. Pretend you have that item. Are you happy or unhappy? Why?
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Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Jan 02, 2016

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Page 1: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

EconomicsAugust 4, 2015

1. What is the basic fundamental economic problem facing society?

2. What is the difference between a good and a service?

3. What do the following have in common: Bill Gates, Oprah Winfrey, Steve Jobs, and Truett Cathy?

4. What does TINSTAAFL stand for? 5. List four things you buy on a regular basis

and draw a picture of each on your copy paper. 6. Open your envelope. Pretend you have that

item. Are you happy or unhappy? Why?

Page 2: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Factors of Production

Land-natural resources from the Earth

Page 3: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Examples of Land

Page 4: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Factors of Production

Labor-workers

Page 5: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

More Labor…

Page 6: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Factors of Production

Capital (Physical Capital)-tools used in production

Page 7: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Examples of Physical Capital…

Page 8: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Factors of Production

Capital (Human Capital)-an investment in yourself (education or training)

Page 9: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Examples of Human Capital…

Page 10: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Factors of Production

Entrepreneur-risk taker in search of profit.

Page 11: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

More Entrepreneurs…

Page 12: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Types of Goods

Consumer Goods-intended for final use by individuals.

Page 13: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Types of Goods

Capital Good-used to produce other goods.

Page 14: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Types of Goods

Durable Goods-lasts more than 3 years.

Page 15: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Types of Goods

Non Durable Goods-less than 3 years.

Page 16: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Conspicuous Consumption

Buying an item to impress someone.

Page 17: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Goods and Services

Page 18: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Assignment

On the back of your construction paper, determine the four factors of production for the four items that you have drawn during the bellringers.

List these four factors for each item on the back.

Page 19: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

Ticket Out the Door

1. Define entrepreneur. 2. Define land. 3. How is labor paid for? 4. What is the difference between a need

and a want? 5. List the four types of goods and give an

example of each.

Page 20: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

#6

A factory building is considered to be part of which of the following factors of production?

Capital Labor Land Entrepreneurship

Page 21: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

#7

Linda wants to start a health food store and she got a loan from the bank. Linda is considered to be what type of factor of production?

Labor Land Capital Entrepreneur

Page 22: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

#8

Which of the following would be most likely to increase human capital?

The development of robotic arms. Flu vaccinations More access to television. Computer solitaire games on the employee’s

workstations.

Page 23: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

#9

Belinda has a business making steel ornamental lawn structures. The arc welder that she uses to join pieces of steel together is considered what?

Human capital Entrepreneurship Labor Capital

Page 24: Economics August 4, 2015 1.What is the basic fundamental economic problem facing society? 2.What is the difference between a good and a service? 3.What.

#10

Donald works as an accountant for a large corporation. Which of the following terms would best describe him in this role?

Entrepreneur Firm Laborer Consumer