Lesson Plan

Factors of Production and Economic Decision-Making

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This Factors of Production and Economic Decision-Making lesson plan also includes:

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Class members begin this engaging economics activity by listing all the resources used in producing a car and using that example to draw parallels to the four primary factors of production: capital goods, labor, natural resources, and entrepreneurship. Then, working in small groups, learners practice classifying and categorizing while considering decisions entrepreneurs must face when producing goods and services.

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CCSS: Adaptable
  • Utilizes best teaching strategies throughout the lesson
  • It discusses other vital economic terms, including scarcity, opportunity cost, productivity, efficient use, and human capital
  • All instructional materials and answer keys are included
  • None
Common Core