starter list three ways to be an economically smart citizen
TRANSCRIPT
Starter List three ways to be an economically
smart citizen.
Economic Resources
Students will learn about the four factors of production and the Gross Domestic Product.
Goods and Services
Goodstangible products
Serviceswork performed by someone else
Factors of ProductionNatural Resources Labor-industrial materials (as Nation’s workforce or
mineral deposits and human resourceswaterpower) supplied by Nature
Capital (capital goods) Entrepreneurs-tools, machinery, buildings individuals who start
newUsed to make other products businesses. They are
innovative and willing to take risks.
Gross Domestic Product (GDP) A measure of the size of the economy. It is the total value, in dollars, of all final
goods and services produced in a country during a single year.
Final goods are sold to their users GDP is expressed in terms of money. If the GDP is higher than the previous
year’s GDP then the economy is expanding. If lower, the economy is declining
Standard of Living The quality of life based on the possession
of necessities and luxuries that make life easier.
When the GDP grows faster than the population, there are more goods and services for citizens to enjoy
GDP nor Standard of Living does not measure society’s overall well-being or account for the improvement in product quality
Guided Practice: Factors of Production Use a sheet of paper
and draw the following diagram. Draw it large enough to cover the sheet of paper.
Label the circles -capital-land-labor-entrepreneurship
Directions: you own a restaurant. The list below is items needed to run you business. Place each item in the correct circle.
candles gas ½ acre of land
carpeting Delivery vans Menus
Cleaning fluids Parking lots Tablecloths
Paper products lamps Delivery person
cooks electricity Utensils
decorations Kitchen appliances Waiters
Awning Manager Host and hostess
Signs Salt and pepper shaker Fire and gas alarms
Fire extinguishers Owner Water
Cash register Pots and pans Cleaning equipment
Reception desk Cashier Window washer
Food Dishes Cleaning service
Furniture Rent & maintenance accountant
Individual Practice Divide the computer paper into four boxes Label each box with one of the four factors of
production You are planning to start a business. Chose the
type of business (not a restaurant) and give it a name. Place the name at the top of the paper or in the middle.
Draw examples of items needed for the business-capital- 5 examples-labor- 2 examples-land- 2 examples-entrepreneurship- 1 example