2020-06-29
121
In this unit read to learn about scarcity and choices about uses of the factors of production.
Previewing: People need to make choices because everything that exists is limited. Thus people have to compete to use these resources. This situation results in scarcity - the basic problem of economics. Scarcity means that people do not have and cannot have enough income, time and other resources to satisfy their every want.
Predicting: What kind of choices do scarce resources require in your opinion?
Vocabulary previewing: Match the words (A) and their definitions (B)
A
(1) economics, (2) scarcity, (3) factors of production, (4) land, (5) labor, (6) goods, (7) services, (8) capital, (9) productivity, (10) entrepreneurship, (11) technology
B
(a) the use of science to develop new products and new methods for producing and distributing goods and services;
(b) the study of how people make choices about ways to use limited resources to fulfill their demands and needs;
(c) when individuals take risks to develop new products and start new businesses in order to make profits;
(d) basic economic problem that results from a combination of limited resources and unlimited demands;
(e) resources of land, labor, capital and entrepreneurship used to produce goods and services;
(f) human effort directed towards producing goods and services;
(g) natural resources and surface land and water;
(h) actions done to satisfy people's wants or needs;
(i) physical objects that can satisfy people's needs or demands;
(j) previously manufactured goods used to produce other goods and services;
(k) the amount of output (goods and services) that results from a given level of inputs (land, labor, capital, and entrepreneurship)
Skimming: Scarce resources require choices about uses of the factors of production. Look through the text and say how many factors of production economists report.
Reading comprehension competency focus
Reading for content information: Read the text and learn about four factors of production.
Constructing comprehension: Complete the table like the one below by providing three examples for each of the terms listed.
| Land | Labor | Capital | Entrepreneurship | Technology |
Answering text content questions orally:
1. What is understood by factors of production?
2. How do economists classify these productive resources?
3. What does land refer to as an economic term?
4. What does labor include?
5. What goods can be called capital?
6. How can capital affect productivity?
7. What does entrepreneurship involve?
8. What is meant by technology?
9. How do factors of production determine an individual’s wealth?
10. How do factors of production determine the nation’s wealth?
Taking notes: Answer the same questions in writing. Use note form.
Recalling the Facts: Fill in the blanks using the words from the box.
| labor, capital, land, factors of production, services, technology, goods, entrepreneurship |
When economists refer to scarce resources, they are referring to the 1_ ________, which are the resources necessary for the production of goods and services. There are four factors of production. 2 _________ is a natural resource present without human intervention. The work people do is 3 __________, often referred to as a human resource. People work to produce 4 __________, which are tangible items, and 5 __________, activities done for others for a fee. The third factor of production is 6 _________ —manufactured goods used to produce goods and services. Individuals who take the initiative to start a new business or introduce a new product are demonstrating 7 _________, the fourth factor of production. Today, some economists consider 8 __________, or the use of science to produce goods and services, an additional factor of production.
Rendering the text:
1. Render the text into English in writing using the base-text for self-correction.
2. Get prepared to render the text orally.
Факторами производства называются ресурсы, необходимые для производства товаров и предоставления услуг. Традиционно экономисты к ним относят землю, труд, капитал и предпринимательство.
Термин «земля» относится к поверхности земли и воды, а также к животным, растениям, ископаемым и другим природным ресурсам. Труд – это человеческий ресурс. Это работа, выполняемая человеком для производства товаров и услуг. Капитал – это произведенные ранее товары, используемые для изготовления новых товаров и предоставления услуг. Четвертый фактор производства – предпринимательство. Он включает предпринимателей, предпринимательские инфраструктуру, инициативу и культуру.
Некоторые экономисты к факторам производства также относят технологию. Технология – это способ более эффективного использования факторов производства.
