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Factors of Production

Factors of Production. Natural Resources Human Resources Capital Resources Entrepreneurship. Natural Resources. Any item that is provided by NATURE that can be used to produce goods and services Nature: Found ON , IN or COMING into (sun) earth. Dirt. Local Farming. The Wheat Trail.

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Factors of Production

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  1. Factors of Production Natural Resources Human Resources Capital Resources Entrepreneurship

  2. Natural Resources • Any item that is provided by NATURE that can be used to produce goods and services • Nature: Found ON, IN or COMING into (sun) earth.

  3. Dirt

  4. Local Farming

  5. The Wheat Trail Verndale’s Grist Mill

  6. The Iron Range

  7. Economic Impact

  8. The Port of Duluth

  9. Legacy of the Twin Ports and the Iron Range on US and World History

  10. Steel Builds America

  11. Economy built on Steel

  12. Logging

  13. Blandin Paper Mill

  14. Logging Built America

  15. How do we make it go? • Natural Resources

  16. Power

  17. Human Resources • Any HUMAN effort exerted during production • Physical Labor • Intellectual Labor

  18. Physical Labor

  19. Intellectual Labor

  20. Capital Resources • Manufactured materials used to create products • CAPTIAL GOODS: • Buildings, structures, machinery and tools (Mall, factories, dams, computer, hammer) Capital goods are MANUFACTURED resources in making FINISHED PRODUCTS

  21. Capital Resources

  22. Capital Resources

  23. Capital Resources

  24. Entrepreneurship Organizing ability (yours and others) Risk taking ventures Starting a new business Introducing a new product Willing to risk economic FAILURE in return for finical gain.

  25. Entrepreneurship Bill Gates Microsoft 2013 Net Worth $78.5 BILLION 2nd richest man on EARTH IDEA…

  26. Entrepreneurship IBM COMPUTERS

  27. What can I make so people can use it?

  28. Really Bill…the answer is NO NO NO OK Mr. Bad Idea, We will put this WINDOWS in. I risk nothing… OK…So don’t BUY it. Just give me a cut. A Mouse…how stupid. Why not call it a gerbil. IBM “Fat Cat” Gates

  29. Nothing But an IDEA and Smarts

  30. Factors of Production • Natural Resources • Human Resources • Capital Resources • Entrepreneurship

  31. 3 Basic Economic Questions • What to produce? • How to produce it? • For whom to produce?

  32. What to Produce Think Big Picture • Society can NEVER meet all the wants and needs • Society’s economic system must determine the urgency of the wants and needs • A decision MUST be made on what to produce

  33. What to Produce

  34. How to Produce • How a society chooses to allocate its resources

  35. For Whom to Produce • Society must determine how to DISTRIBUTE the goods and services it produces • Whom Will Consume the goods and services Who will attend? Any Transfer Students? How will taxpayers pay?

  36. Taco Smoothies

  37. Productivity • The level of output that results from a given level of input *Make the most using the least *Work Smarter, not just work Harder

  38. Productivity • Efficiency– The use of the smallest amount of resources to produce the greatest amount of output • Division of Labor – Assigning a small number or single task to each individual worker. • Specialization – The focus on a specific task as a result of division of labor

  39. Productivity • Henry Ford and Taylorism Taylorism on ABC

  40. Unit One Review

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