Four Factors of Production Poster
Four Factors of Production Poster & Description
(50 Points)
[This assignment may have up to three members per group]
Objective: Understand the specific Factors of Production used in a good or service.
✓ Choose a specific product or service that is currently produced. Choose CAREFULLY!!! The product must be appropriate for high school.
o This product will be revisited during your 100 pt. Supply & Demand Project in a few weeks.
✓ Describe how the four factors of production influence the final good or service that is produced.
✓ Spend some time trying to figure out all the “ingredients”, processes, people and decisions involved in producing this product [see p. 4 of the book or the examples in class]
✓ Create a visual (poster) including at least one graphic per factor. (25 pts.)
✓ HINT: Since the entrepreneur is responsible for all the decisions involved with the other three factors, demonstrate many of the decisions involved. (see previous semester’s examples)
• Final good/service and your names, period, date on the front of the poster.
• Land example: 5 pts. [min. of 5 plus a graphic]
• Labor example: 5 pts. [min. of 5 plus a graphic]
• Capital example: 5 pts. [min. of 5 plus a graphic and include at least one example of human capital in addition to the physical capital]
• Entrepreneur/Managerial Decisions: 10 pts. [min. of 10, plus a graphic.] This could be the actual entrepreneur’s picture such as Elon Musk and Tesla cars.
✓ Written explanation (25 pts.):
o Each member will either type, or neatly write one to two paragraphs
o This will describe the process from beginning to the end of the production of the good or service
o Use the terminology of the assignment
▪ Factors of Production
▪ Land – natural resources
▪ Labor – skilled, semi and unskilled
▪ Capital [both physical and human]
▪ Entrepreneurship/Management) decisions used to produce your product.
o Start by describing the raw materials and all the decisions and factors needed all the way to the final product.
o This part of the assignment may not be longer than one page.
There will be some time in class dedicated to:
• Choose groups
• Decide upon the product
• Assign each member their task
• Research information
• Create the poster
There will parts of the project that will be done out of class:
• Additional research into the specific factors for your product
• Drawing or downloading pictures, graphics, etc.
• Writing the one-page explanation.
Websites that may be helpful:
•
• How it’s Made cable show
• Google
• BHS Library, Burbank Public Library, On line encyclopedias
DUE DATE: ____________
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