Aim: What are the Factors of Production?
Bell Ringer: Journal 2 – What is the difference between a need and a want? Give examples of each. How does this affect scarcity?
Objectives:
1. Students will use geographic terms and tools to explain differing perspectives on the use of renewable and non-renewable resources in, the United States and the world.
2. Students will identify the factors of production and why they are necessary for the production of goods and services.
Agenda:
1. Bell Ringer (10 min)
2. YouTube video on Factors of Production: https://www.youtube.com/watch?v=VZD7dTSHmIo (5 min)
3. Have students work on a concept map about their assigned section of the What is Economics? note-taking guide. (rest of class)
Home Learning: Use Figure1.2 to answer Journal 3 – what four factors of production are necessary to bring clothing to consumers?
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