Lesson Plan: Factors of Production Economics
This lesson plan includes the objectives, prerequisites, and exclusions of the lesson teaching students how to define land, labor, capital, and entrepreneurship as factors of production and how to understand their characteristics.
Objectives
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.
Prerequisites
Students should already be familiar with
- choice,
- types of resources,
- types of goods,
- the fundamental economic problem.
Exclusions
Students will not cover
- the basic economic questions about production.
