once upon a time… leah had an idea! i want to make a lemonade stand!
TRANSCRIPT
Once upon a time…
Leah had an idea!I want to
make a
lemonade
stand!
So, she asked her grand-dad to build her a lemonade stand.
Can’t sell lemonade without a stand. Thanks
Grand-dad!
She got a pitcher…
And a long wooden spoon…
She squeezed some lemons…
And a little water…Added some sugar…
LEMONADE!!
And made
Lemonadefor sale!
FACTORS OF PRODUCTION*FREE ENTERPRISE/MARKET
ECO.
*Citizens are free to create any business they want. The government does not care – as long as the business is not harming other citizens in any way.
*An economy that allows business owners to compete in the market with very little government interference.
FACTORS OF PRODUCTION*ENTREPRENEUR
So…Leah had the idea for a lemonade stand, and made it happen!
*An entrepreneur is the person that brings together all the resources in order to produce the goods or provide the service.
FACTORS OF PRODUCTIONENTREPRENEUR
Leah is an entrepreneur!
FACTORS OF PRODUCTION*LABOR RESOURCES
*Labor resources are the workers that are needed with appropriate knowledge, skills, and experience to make goods or provide services.
FACTORS OF PRODUCTIONLABOR RESOURCES
Leah’s Grand-Dad was her #1 labor resource!
He built her this AWESOME lemonade stand!
FACTORS OF PRODUCTION*CAPITAL RESOURCES
*Capital resources are the machines, factories, and supplies needed.
FACTORS OF PRODUCTIONCAPITAL RESOURCES
Leah can use and re-use her pitcher and spoon, so they are both considered capital resources.
FACTORS OF PRODUCTIONCAPITAL RESOURCES
The lemonade stand can be re-used, so it is a capital resource too!
FACTORS OF PRODUCTION*NATURAL RESOURCES
*Natural resources are the raw materials used to make the goods.
FACTORS OF PRODUCTIONNATURAL RESOURCESLeah used lots of natural resources!
LemonsWaterSugar
Do you want to buy some delicious
lemonade??