Lesson: Factors of Production Economics

In this lesson, we will learn how to define land, labor, and capital as factors of production and how to understand their characteristics.

Lesson Plan

Students will be able to

understand the definition and characteristics and types of labor as a factor of production,
understand the definition and characteristics of land as a factor of production,
understand the definition and characteristics of capital as a factor of production,
understand that the capital as a factor of production is subdivided into fixed capital and working capital,
understand the definition and characteristics of entrepreneurship as a factor of production,
understand how countries can achieve economic growth and economic development,
understand how a choice between capital consumption and investment affects economic growth.

Q1:

Fill in the blank: is the act of creating goods and services to be consumed.

Q2:

Which of the following is not a factor of production?

Q3:

Which of the following is not an example of land as a factor of production?