Explanation should include
- definition of natural resources, human resources, and capital resources
- definition of infrastructure
- examples of each factor of production
- commentary on how each evolves from conception to end-user in the global marketplace.
Explanation also should include the concept that the production of goods and services is a primary activity to satisfy the needs and wants of consumers.
Process/Skill Questions:
- What are the four factors of production?
- How can the infrastructure of a country be related to the factors of production?
- What are the three basic economic questions for global trade? How are the factors of production related to these economic questions?
- How has technology affected human resources in the global marketplace?
- How has social media affected the global marketplace?
- How are the factors of production used when creating a good or service? How can this process be seen in the global marketplace?
- What is the current top producing nation?