Factors of Production

What’s another word for

Land

Labour

Capital

Classify the following as land, labour or capital?

Timber Window cleanerNatural GasSolar EnergyCombine HarvesterComputer Programmer

Computer Program

Classify the following as land labour or capital?

Timber (Land)Window cleaner (Lab)Natural Gas (Land)Solar Energy (Land)Combine Harvester (Cap)Computer Programmer(Lab)Computer Program (Cap)

What, How, For Whom?

A firm chooses to switch from CD production to output of DVDs

Government reduces highest rate of income tax

Tesco introduces Self Service checkout

Increase in social security benefit

Owner of a café closes down and takes job in factory

What, How, For Whom?

A firm chooses to switch form CD production to output of DVDs. (W)

Government reduces highest rate of income tax (FW)

Tesco introduces Self Service checkout (H)

Increase in social security benefit (FW)

Owner of a café closes down and takes job in factory (W)

How would you distribute a pack of sweets

between everyone in a classroom?

How do economists tackle complex issues?

You’re a Government Minister Now

What would be your priorities. How would you decide

What to produceHow to produceFor Whom?