ECONOMICS 1

• Economics
• Secondary Education

ECONOMICS

FACTORS OF PRODUCTION

Learning Objective

At the end of the lesson, you will be able to explain the factors of production and analyze the economic characteristics and uses of land.

1. What is production?

2. What do you already know about the factors of production and the economic characteristics of land?

PRODUCTION

Production is the process of creating goods and services to satisfy human needs.

Or It is the process of combining various material inputs in order to make something for consumption.

MENTION THE FACTORS OF PRODUCTION

Factors of Production

Land is one of the factors of production, along with labor, capital, and entrepreneurship. It refers to natural resources used in the production process.

What is Land?

Land encompasses not only the surface of the earth but also the resources above and below the surface, such as forests, minerals, water, and fertile soil.

Economic Characteristics of Land

Land has unique economic characteristics, including fixed supply, geographical immobility, and the ability to generate rent.

Uses of Land

Land can be used for various purposes, such as agriculture, forestry, mining, residential and commercial development, and conservation.

Productive vs. Non-Productive Land Uses

Differentiate between productive land uses that directly contribute to economic output and non-productive uses, such as parks and protected natural areas.

Challenges in Land Use

Discuss the challenges related to land use, such as urban sprawl, environmental degradation, and competing demands for limited land resources.

Conclusion and Recap

Summarize the key points about the factors of production, economic characteristics, and uses of land, emphasizing the significance of land in economic activities.

Write down 3 things you learned in this lesson.

Have students enter three things they learned in this lesson. With this they can indicate their own learning efficiency of this lesson.

Write down 2 things you want to know more about.

Here, students enter two things they would like to know more about. This not only increases involvement, but also gives them more ownership.

Ask 1 question about something you haven't quite understood yet.

The students indicate here (in question form) with which part of the material they still have difficulty. For the teacher, this not only provides insight into the extent to which the students understand/master the material, but also a good starting point for the next lesson.

What are the factors of production in economics?

1. Land, labor, capital, entrepreneurship
2. Goods, services, money, trade

What is the primary characteristic of land in economics?

1. Fixed and indestructible
2. Variable and perishable

What is the importance of land in economics?

1. It controls the supply of money in the economy
2. It provides natural resources for production

Which of the following is not a factor of production?

1. Technology
2. Labor, capital, entrepreneurship

In economics, what does land refer to?

1. Natural resources and physical space
2. Manufactured goods and services