Factors of Production & Market Types
What are the four factors of production?
Land, labor, capital, and entrepreneurship
What is the difference between inputs and outputs?
Inputs: resources
Outputs: products
Name THREE things that you can do after high school?
University, trade school, community college, military, apprenticeships, gap year, work.
Why do you need to brainstorm different job titles for the same position?
Employers use different names for the same position. It expands your search.
What is the difference between a resume and cover letter?
Resume: a list of your qualifications and skills
Cover letter: a business letters that highlights your qualifications with specific examples
What is an example of land?
Vegetables, water, lumber, and oil
What is productivity?
What is the difference between trade schools and apprenticeships?
Trade schools: for profit education
Apprenticeships: you get hired and trained at the same time.
Don't search endlessly, create an account instead. Set up alerts. Reach out to the hiring manager after applying. Use keyword-rich resumes (adapt to the job posting).
Have good posture and eye contact.
What is the difference between physical and human capital?
Physical capital: man-made tools of production
Human capital: education and work experience
What incentives increase productivity? There are two for written works and inventions.
Copyright (written) and patents (inventions)
What can you do to choose a career?
Self-assessment (list interests)
Read the Occupational Outlook Handbook
Read a job posting
Conduct an informational interview, job shadow, do an internship
What are TWO things that appear on a job posting?
Company description
Role description
Role responsibilities
Preferred minimum qualifications
What are TWO things you need to do AFTER an interview?
Write a Thank You e-mail immediately.
Write your reflections and notes of the interview.
What characterizes a traditional economy?
Farming, fishing, hunting, little innovation, and family and tradition
How do consumers benefits from increase productivity? Name two things.
A higher standard of living (more wealth).
Cheaper goods.
What is an informational interview?
It is when you interview someone to learn about their career.
What do you do in a career fair? Name TWO things.
Dress well, bring multiple resumes, search companies before the fair, prepare your elevator pitch
What are THREE benefits from a job?
401(k) Match, sick leave, vacation, health insurance
What is the difference between command and market economies?
Command: government controls resources
Market: individuals are free to decide what to do with resources
Mixed is in the middle: both govt and individual freedoms
Name TWO things that increase productivity besides incentives.
Human capital, physical capital, and technology.
When conducting a self-assessment to decide on a career, what questions should you ask yourself?
What are the things I enjoy?
What are my soft and hard skills?
What do I value (ex. independence)?
What is my personality like?
30 seconds.
Name, connection, request, close-out.
S-Situation
T-Task
A-Action
R-Results