TUESDAY & The Factors of Production

Good Morning!!

To kick off the morning our blog will once again center around the Factors of Production.  As we know the four factors of production are Land, Labor, Capital and Entrepreneurship.  Of those 4 factors, which do you believe is the MOST important in regard to finding success in the business world?  In addition to listing the one you believe it most important, please also explain why and give an example if possible!

Thanks and we will get started with presentations shortly!

Finance Park!

Good Morning and Welcome Back! I hope you had a great weekend ... maybe a little fun, a little work and a little time to relax ... to kick off today, we are going to review a little about what we covered last week before playing a game called "Gotta Have It" which will focus on the pros and cons of using credit cards vs. debit cards. Before that, however, I need you to complete pages 1-6 in the workbook you just picked up :) Thanks and we will get started as a group shortly!

Life and Debt

Good Morning and Happy Friday.  In sticking with our semester long plan, today we are going to begin watching a film entitled Life and Debt.  This documentary takes a close look at the effects of globalization on the Jamaican industry and agriculture specifically but also gives some insight into what other small countries like Jamaica might be facing.

For today's blog, and in preparation for watching today's video, please do a quick internet search and define what "Globalization" is.  Based on the definition you find, describe whether you think Globalization is a good thing or bad thing.

Please also take a moment to look up the IMF.  What is the IMF?  What is their overall goal as an organization?

These concepts WILL help you better understand "Life and Debt"

Supply and Demand

Good Morning and Happy Block Day ... Happy?  Well ... welcome to our block day for the week of January 20th - January 24th.

Today we will be mainly focusing on the Law of Supply and Demand.  To being, please research and write about a product or service that you believe the price will rise or fall significantly over the next several years.  You can look online for a product or service to get ideas if you need and can also look online for a reason why you think this price change will occur.

Again ... the essential question for today is: What is one product or service for which you believe the price will rise or fall AND why do you think this price change will occur?

Returning from A Long Weekend

Good Morning and Happy Tuesday!

Today marks the beginning of our Factors of Production Poster Presentations.  As we discussed, for the first few weeks these presentations will be in lieu of presenting current events to the class.  As a way to stay involved in current events AND as a brief opportunity to learn a little more about the product and/or company you have chosen for your Factors of Production project we are going to start off today by doing a quick search for an online article that relates to the topic you will be presenting to the class either today or in the coming weeks.  I would recommend simply going to news.google.com and doing a quick search for the name of your product or company.  

For your blog, simply write 5-6 sentences describing the article and anything you learn about the product.  Remember, in addition to presenting the factors of production to the class, you also need to report back on two important (and recent) decisions made by the company and how it might affect them if at all!

Thanks and welcome back!

Is Wal Mart Good For America ... Continued!

Good Morning and Happy Friday.  Today we will be finishing up the documentary about WalMart and whether or not it is good for America.  Last Friday, with little or no background you discussed some of the things you liked and disliked about Wal-Mart and whether you thought they were good or bad for America.  Having watched the first half of the documentary, what would you say are Wal-Mart's best and worst practices?  In other words, what are some things that they do that are good and what are some decisions they make that are bad?  Feel free to address the following:

• their control over the market/manufacturing
• prices matter most to WalMart
• WalMart driving down the price of goods
• WalMart rejecting Rubbermaids price increase
• High Road vs. Low Road of Competitiveness
• High Margin Items
• Opening Price Point Practices
• Etc.

p.s. you can view tho documentary video by clicking here

Productive Resources & Entrepreneurship

In a market economy, individuals are free to choose the way they will make a living. The following passage shows how one entrepreneur filled a need and made a profit in a market economy.

LEVI STRAUSS

 

In 1850, a 20-year-old immigrant named Levi Strauss sailed for San Francisco. He planned to sell goods to miners who were digging for gold in California. By the time Strauss arrived in San Francisco, however, he had sold most of his goods to other travelers headed for the gold fields. All he had left was canvas, which he planned to sell for making tents. 

 

When Strauss reached the gold fields, he found that the miners needed tough pants. So instead of selling tents, he hired tailors to make his canvas into trousers. Word spread quickly that Strauss’ pants were durable and soon the new pants were in great demand. 

 

Convinced that his product would remain popular, Strauss went into business with his brothers, Jonas and Louis. They founded Levi Strauss and Company in 1853. The brothers bought a building and converted it into a factory. They purchased scissors, sewing machines, needles, canvas, thread and snaps. Finally, they hired workers to cut, sew and deliver the jeans to stores. Today Levi Strauss & Co. has production plants around the world and sells more than a billion dollars in jeans each year. 

 

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1. You have learned about the factors of production or the resources needed to produce goods and services. List all the major resources that the Strauss brothers needed to make jeans.
2. All resources fall under 1 of 4 categories. Land: Natural Resources to make a product. Labor: Workers. Capital: includes tools, buildings, and equipment. Entrepreneurship: the ability to combine the other 3 resources to make or improve a product or service. List each resource as Land, Labor or Capital. 
3. Did the Strauss brothers possess entrepreneurship? Explain.

Factors of Production

Good Morning -

Today you have one 50 minute class period to prepare for your upcoming Factors of Production presentation.  To ensure we make the most of this period, please highlight what product/company you have chosen to investigate.  In addition, through todays research please also highlight 3 interesting facts you learned and how they are applicable to the land, labor, capital or entrepreneurship aspect of the product/company!

Thanks and lets make today as productive as possible!

Personal Finance Unit 1 - Financial Institutions

Good Morning and Happy Monday!  To start off the morning, please indicate the extent to which you
engage in the following behaviors. A score of “1” means that you never engage in these behaviors, and a score of “5” means that you always engage in these behaviors.  Of course, 2,3, and 4 would indicate you lie somewhere in between!

1. I track how I spend my money regularly.
2. I use a personal budget to plan how I spend money.
3. I talk to my parents or guardians about my financial goals.
4. Before making a purchase, I ask myself if this is a need or want.
5. I save money for my future needs and wants.
6. I set personal financial goals for myself.

After responding to the above 6 questions, address what your future needs and wants are and what type of financial goals you have already set for your future!

Switching it Up!

As we have discussed and you have now seen, we will be switching gears a lot this semester ... the hope is to keep each day fast paced and entertaining while covering a lot of different concepts.  Monday's will be reserved for personal finance studies, Tuesday's will be reserved for Current Events, managing your own stock portfolio and the presentation of projects, block days will be reserved for learning the basics of Economics and Fridays will be reserved for documentary videos.  Today we are going to kick off the day with a documentary video entitled - "Is Wal-Mart Good for America."  With that said, I would like to begin the morning with a question (as usual):

What do you think?  Is Wal-Mart Good for America?  Have you ever shopped at a Wal-Mart?  What are some things that are good or even great about Wal-Mart?  What are some things that are bad about Wal-Mart?  Try to develop a thoughtful response and we will get started shortly.

Thanks!

Factors of Production!!

Good Morning and Happy Thursday!

This morning we are going to kick off the day by identifying the four factors of production.  For today's post, please list each of the four factors of production and explain each one as detailed as possible.  To refresh your memory from yesterday's discussion on what each of the 4 factors of production are, you may either refer to pages 8-9 in the textbook or any online resource. In addition, after describing the four factors, try to think of one product that you would be interested to learn what the factors of production are!!

Thanks and we will get started shortly :)

Needs vs. Wants

Good Morning!  Today there will be a series of questions to respond to.  Please number each in your blog post and publish it at the end of the period.

1.  To kick off the day, brainstorm a list of common needs and wants such as food items, clothing, or entertainment expenses.  Next to each item on your list, note which ones you would classify as needs and which ones you would classify as wants!

2.  Why are people affected by scarcity regardless of their income?  Would you agree with the statement that there is no such thing as a free lunch?

3.  Take a moment to identify the factors of production for a t-shirt business.  In a  small group, discuss the land, labor, capital and entrepreneurship that would be required to establish a business that designs and sells t-shirts. Be as thorough as possible as you develop this list.  Each individual will need to write a brief summary highlighting the factors of production needed to start this business.

4.  Why might businesses in one country seek natural resources or other materials needed for production in other parts of the world?

Welcome Back!!

Good Morning and Welcome Back!!

It is hard to believe that it has been over two weeks since we have been together!  I bet you missed me :)  In any case, I wanted to start off the morning with a quick recap of your break!  How was it?  What did you do?  What was the highlight?  What is one reason you are excited to be back at school?

As a second part to today's post, as you know around the world as the New Year kicks off, people take an opportunity to examine themselves, their lifestyle and goals and are able to focus on how they would like to make a difference starting with yourself in the new year!  Did you make a New Years Resolution?  What are you committed to doing in your life in 2014 and how will it help you be happier, more successful, a better person, etc.  On a secondary level perhaps, what are some goals that you have set for yourself for the second half of the 2014 school year?  Perhaps bad habits you want to break, things you want to do better, goals you want to achieve, etc!  It's a new year, be realistic but dream big :)

Lets kick off the year right with a thorough thoughtful response addressing all parts of the prompt!  Thank you and Happy New Year! :)