Read pp 3-5 (Econ Textbook) to understand Land, Labor, and Capital and take notes on each factor.
Activity #2: Think of a product you use on a regular basis and write it down on your paper. 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). After you write down 20 things, write down whether it is an example of Land, Labor, or Capital next to each thing.
Activity #3: Watch video explaining scarcity: https://www.youtube.com/watch?v=Np-dZSdzymk
Activity #4. Make a Concept Map for both Scarcity and Shortage (in your notebook). Refer to the attached example of a Concept Map.
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