PPT-1. How factors of production—resources like land, labor, and both physical and human

2 How the demand for factors leads to the marginal productivity theory of income distribution 3 An understanding of the sources of wage disparities and the role of discrimination 4 The way in which a workers decision about time allocation gives rise to labor supply. Ms. Smith Economics. What goes into making a candy bar?. Clear your desks. List everything that you know goes into creating the candy bar that I placed on your desk.. Think of as many things as you can until I tell you to stop.. Introduction to Economic Development. . II. THEORIES OF GROWTH AND DEVELOPMENT. See. . Text, Chapter 3. . . (excluding appendices). September 2015. Agenda. Introduction. Stage Theorizing: . Rostow. What are you going to do tomorrow? What alternatives do you have? What could you do with your time? If you can’t do what you had planned, what is the next best alternative? . The Economic Problem and Efficiency. During the holiday season of 1996, a children's toy appeared on Good Morning America. The toy, produced by Mattel, had sat on the shelves with very little sales until it appeared on the show. After the toys appearance, its popularity improved and it became the most sought after product of the holiday season. Unfortunately, Mattel did not anticipate the doll’s popularity, only producing 400,000 units, and were not able provide the product in a timely manner at the store level (over 1,000,000 were in demand). . SCARCITY- The condition that results from society not having enough resources to produce all the things people would like to have.. What comes to mind when you think of something that is scarce?. ECONOMICS- the study of how people try to satisfy unlimited wants through the careful use of relatively scarce resources.. The Fundamentals of Economics. The Fundamentals of Economics. :. Main Idea:. Introduction to . Economics. Notes:. Economics. is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.. SS7E10. GDP. A country’s GROWTH is measured by its . GDP. Gross Domestic Product: Value of all . goods. and . services. produced in a country IN ONE YEAR. What influences economic growth?. There . The Economic Problem and Efficiency. understand the problem of unlimited wants & finite resources – opportunity cost & scarcity. be able to discuss the main economic resources (land, labour capital, enterprise) and the difference between renewable and non-renewable resources. The Economic Problem and Efficiency. understand the problem of unlimited wants & finite resources – opportunity cost & scarcity. be able to discuss the main economic resources (land, labour capital, enterprise) and the difference between renewable and non-renewable resources. Let’s finish . Storage Wars. , “. Railroad Roulette”. Grid sheet . answers. for Dino Dollars?!?!. We’ll be doing a mini-project in the library on Friday (Lab 1). Notes. on the Factors of Production. 11 Markets for Factors of Production. 11.1 The Competitive Labor Market. 11.2 The Supply of Labor: Your . Labor-Leisure . Tradeoff. 11.3 Wage Inequality. 11.4 The Market for Other Factors of . Production. Chapter 1 Section 3. Mr. Henry. AP Economics. How a society decides what to produce using their limited resources because a society cannot have everything . How a society determines how to produce an item, whether using people or machines, or both. Intro to Economics. How Economic Systems Work &. . Factors of Production. Needs vs. Wants. Needs are things we must have to survive. Food. Water. Shelter. Clothes. Wants . are things we desire to make life more comfortable and enjoyable. Economists divide . factors of production . (also called . inputs. ) into these . four. . classes. :. Labor. : work done by human beings. Land. : resources provided by nature. Capital. : manufactured resources as well as human knowledge.