Objective
In this session, teachers will :
- Understand and explain the four main factors of production and their significance in an economy.
- Illustrate the connection between the factors of production and income distribution, emphasizing the potential for economic inequality.
- Analyze the various ways in which government interventions can influence markets, recognizing both their intended and unintended consequences.
- Engage teachers with real-world examples of microeconomic concepts, facilitating a deeper understanding of economic theories.
- Implement the knowledge gained from the session into classroom discussions, making economics more relatable and comprehensible to students.
Standards
Description
In collaboration with the Arizona Council for Economic Education, and led by the incredible Kathy Pondy, this lecture-styled session will delve into the core components of the factors of production, including land, labor, capital, and entrepreneurship. We will explore how these components play a crucial role in determining income distribution and how imbalances can lead to economic inequality. Furthermore, the session will dive in the various ways governments can influence markets. From policies that regulate businesses to the imposition of taxes and the provision of subsidies, the role of government is vast and varied. Attendees will explore how these interventions can both positively and negatively impact microeconomic behavior, providing a balanced view of government’s role in the economy.