Factors of Production and Economic Decision-Making

This Factors of Production and Economic Decision-Making lesson plan also includes:

Class members begin this engaging economics activity by listing all the resources used in the production of a car, and use that example to draw parallels to the four primary factors of production: capital goods, labor, natural resources, and entrepreneurship. Then working in small groups, learners practice classifying and categorizing while considering decisions entrepreneurs must face when producing goods and services.

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CCSS: Adaptable
Concepts

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Pros

  • Utilizes best teaching strategies throughout lesson
  • Also discusses other key economic terms, including scarcity, opportunity cost, productivity, efficient use, and human capital
  • All instructional materials and answer keys included
Cons

  • None
Common Core