Teacher's Notes
Theme:
Land, Labor and Capital are the three mutually exclusive factors in production.Sub-theme:
Economic terms are often defined in conflicting ways, and the student must be careful to understand how terms are being used.Concepts:
- land
- labor
- capital
- equilibrium
- real estate
- supply & demand
Performance objectives -- this lesson focuses on developing skills at:
- Distinguishing between contrasting definitions in different analytical schemes
- Classifying factors by their economic function
- Comparing and making economic decisions about what factors to use
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