Pick a Product You need to pick a product to help you comprehend and APPL Y your Economics You will use this product for the entire Unit 1 for examples! The product needs to be simple enough to use and something with which you are familiar. Good examples-Pencil, sheet of paper, baseball (manufactured made of simple resources) Bad examples-banana (naturally grown, not made), computer (very complex parts) Task: 1. Pick a Product 2. Draw the product on paper BIG like an advertisement 3. Use color 4. Identify ONE of each of the 4 factors of production (aka Resources)for your product a. Entrepreneur: Who is mastermind behind the product b. Natural Resource/Land: Things natural to the earth used in production (not man made) c. Human Capital/Human Resource/Labor: Person working on the production or selling of the product d. Physical Capital: Man made things used in production Ex. Product is Pizza

Question

Pick a Product You need to pick a product to help you comprehend and APPL Y your Economics You will use this product for the entire Unit 1 for examples! The product needs to be simple enough to use and something with which you are familiar. Good examples-Pencil, sheet of paper, baseball (manufactured made of simple resources) Bad examples-banana (naturally grown, not made), computer (very complex parts) Task: 1. Pick a Product 2. Draw the product on paper BIG like an advertisement 3. Use color 4. Identify ONE of each of the 4 factors of production (aka Resources)for your product a. Entrepreneur: Who is mastermind behind the product b. Natural Resource/Land: Things natural to the earth used in production (not man made) c. Human Capital/Human Resource/Labor: Person working on the production or selling of the product d. Physical Capital: Man made things used in production Ex. Product is Pizza

Answer 1

Task:1. Pick a Product: Let's choose a pencil as the product.2. Draw the product on paper BIG like an advertisement: (Imagine a large pencil with vibrant colors.)3. Use color: (The pencil is colored with bright red, blue, and yellow.)4. Identify ONE of each of the 4 factors of production (aka Resources) for your product: a. Entrepreneur: The mastermind behind the pencil is the entrepreneur who came up with the idea and started the pencil manufacturing company. b. Natural Resource/Land: The wood used to make the pencil is a natural resource. c. Human Capital/Human Resource/Labor: The workers in the factory who manufacture the pencils are the human capital or labor. d. Physical Capital: The machines and tools used to make the pencils are the physical capital.

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