Economics

Yesterday we talked about the three basic questions of economics:

1. What to produce?
2. For whom should we produce?
3. How should we produce it?

In groups the students thought of a product for seventh graders. We had everything from a credit card that never has a bill to a homework pen that gives you all the answers. While thinking of these products the students had to consider the three questions.


Today we talked about the four factors of production and watched a video about how a school uses these four factors.

1. Land/Natural Resources
2. Labor
3. Capital (money)
4. Management

Tomorrow the students will have to think of a product they have used or consumed and create a list of all the factors of production that go into making that product.