Economic Resources and Systems

1
Economic Resources and Systems

• Chapter 2

2
Do Now

• In your notebooks
• What is a resource?
• What resources do you use on a daily basis?
• How and why do you use those resources?

3
Factors of production

• Factors of production all of the components
  necessary to produce societys goods and services
• Example
• wheat growing in ground
• tractor that harvests wheat
• labor that turns wheat into flour
• ideas for how to create final product most
  efficiently

4
Types of Economic Resources

1. Natural resources
2. Human resources
3. Capital resources
4. Entrepreneurial resources

5
Natural resources

• Raw materials found in nature
• Examples
• Trees used to make paper
• Fish harvested for food
• Economy of many countries is based on natural
  resources
• Examples
• Saudi Arabia depends on oil production
• Latin American countries rely on coffee crops

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Types of natural resources

• Renewable can be reproduced
• Examples cattle, plants
• Nonrenewable limited resources
• Examples coal, iron, oil

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Group Activity

• Draw two examples of both renewable and
  non-renewable resources with the materials in the
  front of the room
• Underneath each drawing, indicate whether that
  resource is limited or unlimited
• Also indicate ways society can attempt to
  conserve the limited resources through other
  alternatives
• Be prepared to discuss as a class

8
Reciprocal Teaching

• One person is summarizer, one questioner, one
  clarifier, one predictor
• Summarizer gives brief overview of each section
• Questioner asks questions about vocabulary or any
  other area of possible confusion
• Clarifier attempts to answer those questions
  (with rest of group, like looking up vocabulary)
• Predictor offers ideas as to how they believe
  this relates to the topic in America today, with
  other group members adding input as well

9
Human resources

• Knowledge, efforts, and skills people bring to
  their work
• Examples
• Teachers, coal miners, bank managers, farm
  workers
• Labor can be skilled or unskilled
• Shortage of skilled labor is one og the biggest
  labor problems faced today around world
• Physical or intellectual
• Labor unions negotiate with management for
  better pay, hours, and working conditions in
  process known as collective bargaining

10
Capital resources

• Things used to produce goods and services
• Examples
• Buildings, materials, and equipment
• Include delivery trucks, supermarkets, cash
  registers, and medical supplies
• Not the same as money
• Accountants computer is a capital resource
• Headquarters of Johnson Johnson is a capital
  resource

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Entrepreneurial resources

• Entrepreneurs who recognize need for new goods
  and services
• Improve ways to use resources or create and
  produce new ones
• Example
• William Hewlett and David Packard created
  scientific calculator
• New resources must be developed in order to deal
  with scarcity
• I'm not making this up

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Scarcity

• Has a store ever run out of an item that you
  wanted?
• How did you respond?
• Why would a store run out of an item?
• Scarcity shortage of resources
• Basic economic problem for society is how to
  manage resources
• Example society may not have enough oil,
  doctors, water or technology
• How do we deal with scarcity?
• Development of new resources and technology is
  key to dealing with scarcity!

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Decisions about Production

• Three main questions to be asked
• What should be produced?
• Resources used for one purposed cant be used for
  something else
• How should it be produced?
• What methods will be used, how many will work to
  produce it, and what will be the quality of
  items?
• Who should share in what is produced?
• Who gets the limited number of goods that are
  produced?
• How will goods/services be distributed?
• Who will have the resources to buy this?

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Robbinsville Apprentice

• In your notebooks
• Use each of the three questions posed on the
  previous slide concerning decisions about
  production to decide and explain a need in
  Robbinsville
• Project Introduction

15
Turn Talk

• Last year, Virtual Enterprise bought bagels and
  sandwiches for teachers and students as a
  fund-raiser for their class
• What are four factors of production that are
  involved in bringing students and teachers their
  orders?
• What are four resources Bagels N Cream utilize
  themselves to provide their goods and services to
  customers?
• Be sure to touch on each of the four economic
  resources

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Identifying Economic Resources

• Think about businesses that you are familiar with
• Use those businesses to complete the following
  worksheet
• Finish for homework

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Bring it all Together

• What type of resource is wood and why is it
  considered a resource?
• Name resources utilized in this room
• Name resources utilized on the High School Campus

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Do Now

• Take out homework worksheet from last class
• In your notebooks
• Which resources do you believe are most expensive
  for businesses to use? Why?

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The Apprentice Reflection

• What materials were scarce and how did they
  handle the scarcity?
• Classwork/Homework individual creation of
  product using resources seen in episode
• Use description worksheet for guidance

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Closure

• TAKE OUT YOUR PHONES! - WHAT TYPE OF RESOURCE IS
  THAT?