Class members begin this engaging economics activity by listing all the resources used in producing a car and using 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.

Concepts

labor, factors of production, economics, economic principles, capital resources, scarcity, natural resources, entrepreneurs

Show More Show Less

Additional Tags

capital goods, labor, social studies

Show More Show Less

Pros

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

Cons

• None

Common Core

RH.9-10.3 RH.9-10.4