What economic steps go into the What economic steps go into the making of a ____?making of a ____?

4 Factors of Production (CN)4 Factors of Production (CN) BP#42BP#42A. What are the A. What are the

4 Factors of 4 Factors of Production?Production?

B. How do B. How do supply and supply and demand demand affect affect them?them?

Book pages 103-104Book pages 103-104 Definition of Definition of factors of productionfactors of production – –

List List andand describe the 4 FofP describe the 4 FofP1.1.2.2.3.3.4.4.

If the supply of natural resources is If the supply of natural resources is low and the demand is high, low and the demand is high, then…….then…….

If the demand for labor resources is If the demand for labor resources is high, then…..high, then…..

Entrepreneur -Entrepreneur - The The idea personidea person

(on-tray-preh-newer)(on-tray-preh-newer)

Labor Resources -Labor Resources - The people who do The people who do the work.the work.

Natural ResourcesNatural Resources - - The resources you The resources you use to create the use to create the product.product.

Capital Resources -Capital Resources - Equipment you use to Equipment you use to make the product.make the product.

C. What are the C. What are the 4 Factors of 4 Factors of

Production for a Production for a Lawn Care Lawn Care Business?Business?

1. Natural resources1. Natural resources Ex:Ex: Ex:Ex:2. Capital Resources2. Capital Resources Ex:Ex: Ex:Ex:

3. Labor resources3. Labor resources• Ex:Ex:• Ex:Ex:4. Entrepreneur4. Entrepreneur• Ex:Ex:• Ex:Ex: