Economics 1st-2nd Lessons_Factors of Production

1.

FACTORS OF PRODUCTION
Teacher: Yerlan Iskanderov

2.

LESSON OBJECTIVES
11. 1 A To identify and explain the 4 factors of
production and their respective rewards/incomes.
11. 1 A To analyze how each factor of production
contributes to economic activity and generates
income.

3. BRAINSTORM

• How do you understand factors of
production?
• Why are the factors of production
important to economic growth?

4. FACTORS OF PRODUCTION

• LAND
• LABOUR
• CAPITAL
• ENTREPRENEURSHIP

5. POSTER ACTIVITY: FACTORS OF PRODUCTION

Instructions. Teacher assigns one factor of production,
students in groups, find answers for the following questions:
1. What is land, labour, capital and entrepreneurship?
2. How important is the factor of production assigned
(land, labour, capital and entrepreneurship)?
3. What are the characteristics (features) of the factor of
production assigned?
4. What are the examples, types of land, labour, capital
and entrepreneurship?
5. Identify their mobility and rewards.
Then explain your findings to your classmates.

6. FACTORS OF PRODUCTION

7. Match the factors with their incomes

Production factors
Rewards
Land
Interest
Labour
Profit
Capital
Wages
Entrepreneurship
Rent

8. REWARDS (INCOME) OF FACTORS OF PRODUCTION

Identify an industry that is not dependent on the
land for raw materials or natural resources.
Explain your answer.

9. What have you learned in today’s lesson?