# CTE Resource Center - Verso - Economics and Personal Finance Task 1429905871

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Identify factors of production.

Definition

Identification should include
  • definitions of productive resources and economic resources
  • human resources (e.g., labor)
  • natural resources (e.g., land)
  • capital resources (e.g., human, physical)
  • entrepreneurship.

Related Standards of Learning

History and Social Science

GOVT.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

  1. planning inquiries by synthesizing information from diverse primary and secondary sources;
  2. analyzing how political and economic trends influence public policy, using demographic information and other data sources;
  3. comparing and contrasting historical, cultural, economic, and political perspectives;
  4. evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;
  5. constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;
  6. explaining how cause-and-effect relationships impact political and economic events;
  7. taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;
  8. using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;
  9. applying civic virtues and democratic principles to make collaborative decisions; and
  10. communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.1

The student will demonstrate knowledge of basic economic concepts and structures by
  1. describing how consumers, businesses, and government decision makers face scarcity of resources and must make trade-offs and incur opportunity costs;
  2. explaining that choices often have long-term unintended consequences;
  3. describing how effective decision making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits);
  4. identifying factors of production;
  5. comparing the characteristics of market, command, tradition, and mixed economies; and
  6. identifying Adam Smith and describing the characteristics of a market economy.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Banking and Financial Systems

 

Business Financial Plan

 

Economics

 

Entrepreneurship

The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.

Introduction to Business

 

Personal Finance