Factors of ProductionUsing the product you see in the picture, please do the following in the spaces provided:

1. IDENTIFY ALL FOUR FACTORS OF PRODUCTION

2. FOR EACH FACTOR OF PRODUCTION, DESCRIBE AS MANY DETAILS AS YOU CAN THINK OF RELATED TO THAT FACTOR OF PRODUCTION

IN OTHER WORDS, YOU ARE WALKING ME THROUGH WHAT EACH FACTOR IS ABOOUT IN CONTEXT OF THE EXAMPLE PRODUCT YOU SEE

50 POINTS TOTAL

Production ProcessFill in the Blanks

THREE COMPONENTS of the Production Process

Using the same product from before-do the following

1. IDENTIFY ALL THREE COMPONENTS OF THE PRODUCTION PROCESS

2. FOR EACH COMPONENT, DESCRIBE EACH COMPONENT AND WHAT IT LOOKS LIKE GIVEN THE EXAMPLE PRODUCT

3. 50 Points Total

What Outsourcing looks like in 21st century

General Motors Inc Mexican Auto Workers

Outsourcing

In the sheets provided, please do the following in regards to outsourcing: • Discuss how outsourcing works• Discuss the trade offs of outsourcing• Discuss the opportunity costs of

outsourcing• 50 points total