Embedded Files
--1.3.1 DEFINITIONS--
--1.3.1 DEFINITIONS--
"In order to produce any type of good or service a combination of 4 resources are generally needed:
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LAND: "This factor is the natural resource used in the production of a good or service. It includes resources such as the surface of the earth, lakes, rivers, and forests. It also includes mineral deposits below the earth and the climate above, as well as the small area of land that makes up a farm or factory."
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LABOUR: "This factor is the human resource, that provides the 'physical effort' needed to produce goods and services."
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CAPITAL: "This factor is any man-made aid to production. In this category we would include a simple spade and a complex car-assembly plant. Capital goods help land and labour produce more units of output."
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ENTREPRENEURSHIP: This factor carries out two functions. First, the enterprise factor organises the other three factors of production. Second, enterprise involves taking the risk of production, which exists in a free enterprise economy."
--TASK--
"The dinosaurs in Jurassic Park were made by men in laboratories and used in the production process of the Jurassic theme park product, yet they are a product of nature, so are they considered capital of land resources?"
"Do a bit of googling or A.i and see what they say."
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Sentence starter: "Dinosaurs in Jurassic park are/are not considered
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--BIG TASK--
"Read the article below about Elon Musk's Tesla plant in Berlin, and identify the four factors of production mentioned. You will need to extract the exact reference."
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Sentence starter: "The BBC article titled 'Tesla: Elon Musk opens delayed 'gigafactory' in Berlin', published in March 2022, makes reference to the four factors of production. In terms of land factors, the article mentions the natural resources of water and trees that are needed to operate it as well as the actual site that the gigafactory is built upon, in terms of capital resources..."
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-1.3.2 HUMAN vs PHYSICAL CAPITAL-
-1.3.2 HUMAN vs PHYSICAL CAPITAL-
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"Human capital refers to the intangible skills, knowledge, experienes and health of a workforce."
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"Physical capital refers to tangible, man-made goods like machinery used to produce other goods."
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"How to tell the difference?"
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"Can you touch it?", "Yes! = Physical."
"Can it be owned by a business?", "Yes! = Physical."
"Does it depreciate in value over time?", "Yes! = Physical."
"Is it transported, sold, or traded?", "Yes! = Physical."
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--TASK--
"Apply the criteria above to distinguish between the human and physical capital shown in the image below."
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Sentence starter: "In the image, we can see a footballer working out in the gym; clearly, the leg-extension machine is considered... because, whereas..."
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--TASK--
"Apply the criteria above to distinguish between the human and physical capital shown in the image below." "Are slaves considered physical capital as well as possessing 'unrealised' human capital?"
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--TASK--
"We just defined human capital as 'intangible skills, knowledge, experienes etc...' s0 if can AI machine learning be considered human capital?" "If not what needs to happen for the definition to change?" (you can use 'self-awareness', 'self-learning' and 'sentience' in your answer)
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--1.3.3 FACTOR REWARDS--
--1.3.3 FACTOR REWARDS--
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"Why do you think I'm standing here in front of you? Do you think I'm providing my labour resource (which I own) to Nord HK for free?"🤔
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"If there are 4 factors of production being utilised in the production of a service, then there must, of course, be OWNERS of these factors, who are only INCENTIVISED to provide them in return for some form of REWARD, as such...."
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"....the payment earned by the owners of LABOUR resources is referred to as WAGES..."
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"...the payment earned by the owners of LAND resources is referred to as RENT..."↓
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"...the payment earned by the owners of CAPITAL resources is referred to as INTEREST..."↓
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"...the payment earned by the owners of ENTERPRISE resources is referred to as PROFIT."
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--1.3.4 SPECIALISTATION--
--1.3.4 SPECIALISTATION--
"Can you think of why these sportspeople decided to specialise in their chosen sport?" "Why didn't Messi become a basketball player?" Or Micheal Phelps a ballerina?"
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"Seems pretty obvious; their respective physical endowments led them to 'SPECIALISE' in the most productive use of their labour resource."
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--TASK--
"If we now imagine that these 'goals', 'baskets' etc... were actually desirable goods and services that everyone wished to consume, what can we conclude about how specialisation impacts the level of overall consumption for everyone?"
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"You should realise that specialisation by the most suitable factors usually leads to a greater level of overall production of each good, creating 'surpluses' that can then be exchanged to make everyone better off."
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--TASK--
Write a paragraph (or two, or three...) explaining the following: Why is it that the castaway can't specialise?, how this situation could change if another castaway washed up? and why maintaining friendly relations between them is vitally important." Finally, relate this idea to national/regional specialisation and how globalisation has impacted world peace?"
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"The castaway doesn't have the opportunity to trade, so he is unable to specialise in the production of only coconuts, as he will have no time left to build shelter or maintain a fire. However when another Castaway arrives...."
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"Specialisation has resulted in a major expansion in global living standards, but there are dangers too."
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"The pace of technological change, along with changes in consumers’ wants, means there is always the possibility that the specialist skills and experience that any individual has acquired may become redundant as the economy develops, resulting in unemployment."
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--TASK--
"Click on the LSE blog below to see a real world example of the perils of overspecialisation."
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"Before doing the next task watch this!"
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--TASK--
"You all intend to 'specialise' in a chosen major/degree at university, so can you explain how beneficial this will be to yourself and society in terms of 'surplus knowledge'? Also what is it about your circumstances that allows you to be able to ignore learning about other important things such as 'starting a fire', or 'collecting clean drinking water?" Finally can you explain how this degree of overspecialisation may leave you vulnerable to changes in tastes and technology in the future."
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--1.3.4 DIVISION OF LABOUR--
--1.3.4 DIVISION OF LABOUR--
"DIVISION OF LABOUR is when the production process is broken down into separate tasks, with different workers specialising in each task.
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--TASK--
"Look at the image below and list at least 2 benefits to the firm, as well as 2 costs to the worker."
--1.3.5 THE ROLE OF THE ENTREPRENEUR--
--1.3.5 THE ROLE OF THE ENTREPRENEUR--
--TASK--
"In the castaway clip, who was it that organised the coconuts, sharp rocks, and the labour ('factors of production') needed to do it? What type of 'risk' did they take?"
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"That's right, the castaway did, he showed enterprise and basically produced the water and exchanged it with himself for consumption, as he was both the producer and consumer, and he took the risk of investing his time in pursuit of coconut water at the risk of failure and wasting time not setting up a fire or shelter?"
ENTREPRENEUR: This factor carries out two functions. First, the enterprise factor organises the other three factors of production. Second, enterprise involves taking the risk of production, which exists in a free enterprise economy."
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--TASK--
"Find a RWE of an entrepreneur and create a Padlet that explains his role."
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