Lesson 5
Factors of Production
Objectives:
1) recognize and explain with examples each of the factors of production-natural
resources, labor, capital, and entrepreneurship.
Activities:
1)Warm-UP-Defining the 4 Factors of Production
Students will define the four factors of production on a diagram. Students
will then think of examples for them.
Students will be asked to choose a product that they use frequently. Students
will write down the answers to these questions regarding the product. What natural
resources were used? What types of skills did the workers need? What types of
tools were used? Describe the firm that made the product. Is it large? What
else does it make?
2)Main Activity
Students will be split into groups or pairs and fill out a scavenger hunt type
worksheet. Each group will be assigned a company [by stock exchange name] which
they will research on the internet. Each group/pair will be responsible for
identifying the natural resources, labor, capital, and entrepreneurs involved
in their company (perhaps after picking a specific good or service). Some groups/pairs
will present to the class.
3) Closing Activity
Why are the factors of production import ant? How does each factor affect the
other?
What factors affect the “factors of production”? Rank the four factors
of production and write a short reflection piece on the most important factor.
Evaluation:
1)Class activity/worksheets
2) Homework if given.
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