Production
Define Production
Creation of Products
Define Trade
Exchange of Goods
What do we call someone who buys a good or service?
A buyer, or a consumer
In Ox-Cart Man, each member of the family performed certain jobs,
too. They divided the labor to increase productivity.
What was the daughter’s specialty?
Knitting
Say you have enough money to buy only a game or a pizza but not both. If you choose the pizza, what is your opportunity cost?
The Game is what you gave up this is your opportunity cost
Have you received an income for work that you have done?
If yes what did you do
Define Goods
Things that can bought or sold
What do we call someone who sells a good or service?
A business, a seller, or a producer
Another way to improve job performance and increase productivity
is to improve the tools used on a job. What new tools did the farmer buy for his family?
He bought a new knife for his son and an embroidery needle for his
daughter.
Say you have $1.00. You want to save it but decide to spend it on a candy bar.
What is the opportunity cost of the candy bar?
The opportunity cost of the candy bar is saving the $1.00.
Daily Double
True or False Apple is a Producer
True
Define Services
What makes this advertisement appealing?
(Answers will vary but could include the picture, the price, or the descriptions.)
People who want to keep their jobs work hard to be the best at what they do. What are some ways a person can improve his or her performance at a job?
Encourage speculation. Students might suggest practice, training, and education as some ways to improve performance.
How would you describe the work this family did?
(Answers will vary but may include working in the field planting or harvesting or doing hard physical work.)
True or False
Microsoft is a producer
True
Where would we go on the map to get money to buy supplies for a party?
The Bank
For those of you who don’t want to buy this bike, how did you come to that decision?
(Answers will vary, but students might mention that the price is too high, they do not have enough money for the bike, they already have a bike, or they don’t like the description of the bike.)
What was the son’s specialty?
Carving birch brooms
Did the Hutley’s always have money to spend?
No
When we talk about a lemonade stand are they producers yes or no
yes the produce lemonade
When you need cupcakes where do you buy them?
The Bakery
Did you want to buy most of the products? Why or why not?
Answers will vary. Students should notice that some of the appealing parts of the ads would make them
What was the farmer’s wife’s specialty?
Weaving on a loom
What work did the Hutley’s do to earn an income?
They worked as sharecroppers on a cotton farm.