Econ #3
Snemalna Knjiga Besedilo
- The four factors of production are Land, Labor, Capital and Entrepreneurship. Does anyone know what land might represent?
- Is land when all natural resources are used to produce the goods. Examples would be water, oil and timber
- Wow impressive! So the next one is Labor. Labor represents all the people that put their hard work and are able to transform resources into goods or services which that can be purchased.
- For example, pharmacists because they to give medication. Scientists have to come up with new cures. Do you guys have any?
- I think vets, doctors and most people who have jobs and put effort.
- Human capital is when a person gains skills or knowledge by education. For example physical capital can be equipment, property or inventory. Human capital could be good health, problem solving.
- Now we are gonna talk about Capital. There are two kinds, physical and human capital. Physical capital is a human made resource and it helps make goods or resources faster.
- Couple examples would be Mark Zuckerberg, Elon Musk, and Oprah. So I hope this was not too much for you guys because tomorrow will be our last day on this topic.
- The last one of today is Entrepreneurship! In this factor people are finding new ways to earn profit by combining goods and services.
- uhhhh ok I guess.
- All right students settle! Today we are talking Positive and Normative statements. Positive is based on true facts. Normative includes judgements and may have the truth sometimes.
- Ugh I don't Want to do this again Ms.K.
- The last thing we are talking about is mixed economies. A mixed economy is partly run by the government and maybe partly as a free market company. ALRIGHT CLASS! WE ARE DONE LETS GO OUTSIDE FOR A BRAIN BREAK!
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