Day 4

On a Sheet of Notebook Paper…• Either Draw:

– 3 Different Examples of 1 Factor of Production– OR– 1 Example of Each of the 3 Factors of Production

We’ve Talked About• You may use my art supplies.• I expect to see:

– effort put into the drawing.– AT LEAST 4 different colors.– DETAILS.– NO STICK FIGURES.– Labels for each picture saying what factor of

production it is.• You have 20 minutes.

New Groups

Chad Seth Danielle

Zack Michael Baggott

Kyle Kendall Matth Nicole Arron

Hillary Michael Brannen

Shannon Lacey Haley Virginia Brandon

Teacher Desk/ Work Area

Erin Morgan Taylor

New Groups

Megan Justin Xavier Andrew

Paige Cyndilee Chris Charlee Ryan Stacey

Amanda Chelsea Brett Jessica Tim Courtney Kylie

Teacher Desk/ Work Area

Forrest Lacey Alison Jordan Avery

Daniel Morgan Emily

New Groups

Dee Dee Moriah Kristen Kayla Jade (Empty)

Drew Steven Kara Amber Bethany (Empty) Kevin

Harley JD Courtney Nick Sonia David Melissa

Teacher Desk/ Work Area

Jordan Edwards

Jonathan Jordan Marin

Andre’ Mandie Lauren

Kayla Daylan Catherine Phillip Justin

Raven Ryne Maggie Kelsea

Multiple Choice Quiz on Friday

Independent.

Multiple Choice.

Over everything covered this week.

Clicker Training

Clicker Quiz to Follow

1) Which of the following best represents a capital investment in a carpet cleaning business?

• A) renting commercial office space

• B) marketing the business

• C) purchasing carpet cleaning equipment

• D) hiring ten employees

2) What basic economic problem do both higher-income nations and lower-income nations have

in common?• A) too many unskilled laborers

• B) lack of capital goods

• C) too much government

• D) scarcity of resources

3) Which of the following is an example of an investment in

human capital?

• A) A company builds a new factory.

• B) A state puts in a new highway.

• C) A person goes to college.

• D) A country builds new schools.

4) Which of the following is a human capital resource that Ms. Kronhorst could use for her art

gallery?• A) light fixtures to help display the work

• B) a security guard to protect the artwork

• C) knowledge of trends in modern art

• D) a series of paintings by a prominent local artist

5) In order to build a skyscraper,Builders Inc. hires 400 constructionworkers and 50 managers. Which

factor of production is being paid for?

• A) land

• B) labor

• C) capital

• D) entrepreneurship

Essential Question

#1: What to produce?

What do we produce?

• It is usually best to produce the things we’re best at making.

Essential Question

#1: What to produce?

#2: How to produce it?

#3:

How to produce it?

• The more efficiently, the better..

• Does we always use our resources efficiently?

• Article

How To Produce It?

• With your groups, come up with (and write down):

• 1) 3 different ways a person could become a writer for a living.

• 2) 3 different ways Dell can provide customer support over the telephone.

• 3) 3 different ways a government can provide health care to more of its citizens.

How To Produce It?

• My college story.

• Is there a problem with that, and why?

• The story of the Congo and Hong Kong.

• **Write: Efficient use of resources is more important than what resources are available.

• Or, it’s not what you got, it’s how you use it!

Among businesses,

• who answers the question, “How to produce?”

• answer: the entrepreneur.

• Factor of production #4:

• Entrepreneurship: combing the other 3 factors to produce a good/service

Entrepreneurs in Haiti

• As you watch the video, think about/pay attention to:– The entrepreneurs’ motives for starting their

businesses.– Innovations made/ingenuity shown.

• Questions to follow the video.

• video

In Your Groups• Answer the following questions on a sheet of paper:• 1) Why did the people start those businesses? • 2) Why weren’t any of the businesses making much

money? • 3) Who benefits from the presence of entrepreneurs

in the camp?• 4) In the TV show/movie theater business, name an

example of each of the four factors of production. • 5) Name an example of human capital necessary to

one of the businesses. • 6) Is anyone forcing the entrepreneur to start their

business? • 7) Is anyone forcing the customers to pay?

It’s time for your group to run a country.

• Pick a name for your country.

• Come see what kind of resources your country has.

• Decide “what to produce” with those resources.

If your resource has a star next to it:

deduct 25 points from the value.

So, if your card said 380*, it’s actually worth 355.

Clicker survey:

One representative from each group should come grab their

clicker.

1) Select the answer that reflects your country’s resources:

• A) Our country had 400 or more of all three resources.

• B) Our country had 400 or more of at least one resource, but not all.

• C) Our country had less than 400 of all three resources.

2) Select the answer that reflects your group’s decisions:

• A) All families in our country had food.

• B) Some families went without food.

3) Select the answer that reflects your group’s decisions:

• A) All families in our country had clothing.

• B) Some families went without clothing.

4) Select the answer that reflects your group’s decisions:

• A) All families in our country had housing.

• B) Some families went without housing.

5) Select the answer that reflects your group’s decisions:

• A) All families in our country had medical care.

• B) Some families went without medical care.

6) Select the answer that reflects your group’s decisions:

• A) All families in our country had education.

• B) Some families went without education.

7) Select the answer that reflects your group’s decisions:

• A) All families in our country had entertainment.

• B) Some families went without entertainment.

Notes

Lebron

Duke or the NBA?

A teacher who shall not be named

…their story.

Notes

Assignment• Don’t write your name on this paper.

• Answer the following questions:

• 1) If you’re in a relationship, what’s the opportunity cost to you of being in that relationship? –OR-- If you’re single, what’s the opportunity cost of being single?

• 2) What is an example of opportunity cost in your life, in which you’re having or have had trouble deciding which path to take?