Read pp 4-5 to understand Land, Labor, and Capital and take Cornell notes on each factor.
Activity #2: Think of a product you use on a regular basis. Make a list of 20 things that go into the production of that product. (Things that have to happen in order for that product to be produced, not sold). Look at your list of 20 things that go into a product from yesterday. For each item, write down whether it is an example of Land, Labor, or Capital.
3. Read and take notes on pages 3-4 (Scarcity and Shortage)
Watch video explaining scarcity: https://www.youtube.com/watch?v=Np-dZSdzymk
Watch video explaining scarcity: https://www.youtube.com/watch?v=Np-dZSdzymk
4. Complete the Intro to Factors of Production handout.
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