Economics:
The Production, Distribution and
Consumption of Goods and Services
Lesson 2:
Producing
catalog #2297
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Teacher’s Guide
Ron Meyer
Diane Evans
Ron Arrowsmith
Dyana McMahon
Gail Matthews
Aaron Harber
A.B., Princeton University
M.P.A., Harvard University
Ron Meyer
Gail Matthews
Cheryl Heinrichs
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ECONOMICS:
The Production, Distribution and
Consumption of Goods and Services
A Unit of Study
Grades 4-6
GENERAL DESCRIPTION OF THE SERIES
ECONOMICS: The Production, Distribution and Consumption of Goods
and Services is a live-action, five-part series which presents the basic
concepts and principles of economics, which include: resources, producing, needs and wants, consumption, and money. The series simplifies these often complex concepts through the use of historical tracing, graphics, and humorous skits. Throughout the programs the students are exposed to the element of choice, a basic responsibility that is
involved in all economic decisions.
UNIT GOALS
The materials in this Unit of Study are designed to assist students in
developing a working knowledge of…
• How people organize for the production, distribution, and consumption of goods and services.
• How economics plays a role in each person’s life, and how each person plays a role in economics.
• The role of “opportunity costs” in each person’s life.
• How today’s economic decisions affect present and future economic
factors.
Specific student objectives are contained in the teacher’s guide supplied for each video lesson. These objectives will assist students in
grasping the fundamentals of each topic. By achieving these objectives for each video lesson, the students should be able to accomplish
the unit goals.
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MATERIALS IN THE UNIT
Videocassettes
This unit contains five individual videocassettes – one for each video
lesson. The titles and a brief description of the contents of each video
are provided below. The programs may be viewed independently or
as a unit of study and do not need to be in any particular sequence.
The description of the program contained in this guide, Lesson 2, is
printed in bold type.
Lesson 1: RESOURCES
Use of resources is fundamental in all economic activities. This program defines and illustrates the three basic kinds of resources: 1) natural resources, 2) labor, 3) capital. The student learns that resources are
not distributed evenly across the planet. The program emphasizes the
principle of “opportunity costs” in all phases of resource utilization;
i.e., the use of a resource for one thing means it cannot be used for
something else. Finally, the program presents some of the forces that
determine how we choose to use resources in economic activities.
Viewing Time: 16:30 minutes
Lesson 2: PRODUCING
Producing is the process whereby resources are turned into goods
and services. In this program the student learns the differences between goods and services and that each is divided into consumer
and industrial goods and services.
The “factors of production” are clearly defined and illustrated by
real businesses and companies. Finally, through skits, we see how
the factors of production can be combined in various ways in the
market economy to result in profit and losses.
Viewing Time: 17:50 minutes
Lesson 3: NEEDS AND WANTS
The satisfaction of needs and wants drives economics. This program
defines the three basic needs: 1) food and water, 2) shelter, 3) clothing.
The student learns that satisfying basic needs is a difficult problem
and not the same for all people today or throughout time.
Wants are potentially endless and this program shows how the market
economy works to satisfy wants. At the same time, the student learns
that the principle of “opportunity costs” governs the use of resources
to satisfy needs and wants.
Viewing Time: 14:20 minutes
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Lesson 4: CONSUMING
Consuming is the way we go about satisfying our needs and wants by
choosing goods and services. The student learns that the principle of
“opportunity cost” plays a major role in consuming, since we cannot
have everything we want. The three fundamental categories of consuming are defined as: 1) durable goods, 2) non-durable goods, and 3)
services. This program, through skits, shows the major pressures at
work which influence our choices as consumers. Lastly, the program
traces the growth of consumerism throughout the U. S. in the last part
of this century.
Viewing Time: 14:50 minutes
Lesson 5: MONEY
Money is the cornerstone of modern economic activity. This program
traces the evolution of money through history, starting with bartering
and ending with today’s new electronic forms of monetary exchange.
Illustrated by humorous skits, the five defining properties of money
are: 1) accepted as medium of exchange, 2) store of value, 3) easily
divisible, 4) high value for weight, and 5) hard to counterfeit. Finally,
the program presents the concepts of savings, checking accounts and
credit cards.
Viewing Time: 14:20 minutes
Teacher’s Guides
A guide has been provided with each video lesson in this series to aid
the teacher in utilizing the materials contained within this Unit of Study.
They contain the following:
• Suggested instructional procedures for each lesson.
• Discussion questions, follow-up activities, and extended learning
activities for each lesson.
• Answer keys for blackline master activities.
• The transcript of each script.
Blackline Masters
Blackline master activities for each video lesson are included in this
Unit of Study. These activities are designed to reinforce the information in the videos and to provide extended learning activities for the
students.
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INSTRUCTIONAL NOTES
It is suggested that you review each video lesson and read the Suggested Instructional Procedures of the teacher’s guide before involving your students in the lesson activities. In this way you will become
familiar with the materials and be better prepared to adapt them to the
needs of your student. You may find it necessary to make some changes,
deletions or additions to fit the specific needs of your class. We encourage you to do so, for only by tailoring this program to your students will they obtain the maximum instructional benefits afforded by
the materials.
It is also suggested that the video presentation take place before the
entire group under your supervision. The lesson activities grow out of
the content of the video; therefore, the presentation should be a common experience for all students.
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Lesson 2
PRODUCING
Time: 17:50 minutes
SUGGESTED INSTRUCTIONAL PROCEDURES
TEACHER PREPARATION
• Preview Lesson 2, “PRODUCING”
• Duplicate blackline masters 1-3
It is suggested that you relate the learning of basic economics concepts
to some of the big economic issues of the day, both nationally and locally. To do this, we suggest watching the news and reading the newspaper for a few days in advance of showing the video and raising the
issues of the day in order to peak interest and relevancy.
STUDENT MATERIALS REQUIRED
Each student should have a pencil for completing the blackline master
activities.
STUDENT OBJECTIVES
Keep the following student objectives in mind throughout the lesson.
After viewing the program and participating in the attendant activities, students should be able to do the following:
• Define production.
• Explain what a production line is.
• Name some items early human societies produced.
• Describe the difference between goods and services.
• Define the four factors of production.
• Explain how combining the factors of production in a business in
different ways can change the profitability of that business.
INTRODUCING THE VIDEO
Tell the students that they are going to see how economics breaks down
the activity of producing into component parts. The students are also
going to learn the relationship between resources and producing goods
and services. Tell the students that they are going to see how different
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factors in producing a product can affect the profits of a simple makebelieve business.
Ask the students how they think a number of common objects in the
classroom came about, e.g., desk, chalkboard, their clothes, etc. Accept all answers. Tell them that after the video they will have a new
way of looking at these things.
View the video. The viewing time is 17:50 minutes.
FOLLOW-UP DISCUSSION
You may choose from the following questions to conduct a class discussion. Feel free to add or delete questions to suit the needs of your
audience.
1. Define production.
Answer: The process whereby resources are turned into goods and
services.
2. What kind of products are the baked goods produced by the
bakery seen in the video?
Answer: Both consumer breads and industrial bread sticks used by
restaurants.
3. Think of some other early civilizations and name some of the
products they produced.
Answer:
American Indians - arrowheads
Egyptians - pyramids
Romans - swords and shields
4. What are the factors of production in making cars? Give examples
of each.
Answer:
natural resources: steel
labor: welder
capital resources: robot
other product: leather
5. What are some other actions that Laura could take or other events
that might happen that would affect the profitability of her mud
pie business?
Answer: Laura could expand her business by making something else,
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like mud cakes. Kids could start spending their money on something
else. The city might require Laura to obtain a permit to sell mud pies
and charge her a fee. (Several answers are acceptable here.)
6. Identify some goods and services available at a hair salon.
Answer:
Goods: shampoo, combs
Services: haircut, manicure
FOLLOW-UP ACTIVITIES
1. Distribute Blackline Master 1, Word Exercise. Review the answers
to ensure that students comprehend vocabulary associated with producing. It may be necessary to provide a word list of the answers for
younger students. This will serve as a clue when they’re looking for
answers to fill in the blanks.
2. Distribute Blackline Master 2, Math Exercise. Explain the correlation between math and economics – many economic decisions can actually be converted to mathematical equations (this is an effective way
to demonstrate opportunity cost).
3. Distribute Blackline Master 3, Vocabulary Match, which is intended
to reinforce the terminology of the video lesson.
4. Use a production line as an example of how people with specialized jobs contribute to production. Identify a product, such as an automobile, and have students name the various specialized job functions that are required. Translate this concept to a bank and discuss
the job functions that are crucial to its operation (i.e., teller, account
manager, loan officer, security person). Divide students into two teams:
one will make a product (cookies, puppets, etc.) using specialization
(production line); the other will make the same product individually.
Compare quantity, quality, and intensity of labor between the two production styles.
ANSWER KEY
Blackline Master 1, Word Exercise
1.
2.
3.
4.
Production (or Producing)
capital (or capital resources)
Profit
maximizing profits
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5. economist
6. renewable
7. non-renewable
8. Labor
9. other products
10. assembly line
11. consumer service
12. industrial service
13. factors of production
14. free market economy
15. Goods and services
Blackline Master 2, Math Exercise
1.
2.
3.
4.
5.
20 pies
25¢ profit
$1.30
$5.00
$3.70 profit
Blackline Master 3, Vocabulary Match
1.
2.
3.
4.
5.
6.
7.
8.
C
H
L
B
E
J
F
N
9. I
10. O
11. A
12. M
13. D
14. K
15. G
EXTENDED LEARNING ACTIVITIES
These activities go beyond the information presented in the video and
accompanying follow-up activities. They are intended to require the
students to apply information learned from this video lesson. Choose
those activities which are appropriate for your group.
1. Have students examine industries in which non-renewable resources
impact production:
oil
rain forest
fishing
ivory
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Prepare reports on the current states of these industries and have students present futuristic “newscasts” based on the depletion of these
resources.
2. Divide students into small groups and assign each group a product. Have students identify the factors of production for their product.
Manipulate each factor (i.e., scarcity of natural resources, change in
wages, availability of capital, and availability of other products) to
observe the impact of each fluctuation. Have each group present solutions to its particular production.
SCRIPT OF VIDEO NARRATION
Economics is about almost everything we do. It’s about money. It’s
about who is rich and who is poor; and it’s about jobs–what people do
for a living. Economics is also about the products we buy, the food we
grow and eat, and the things we make. Economics is the science of
how people use resources to satisfy their needs and wants.
In this program we look at production, perhaps the most studied aspect of economics. Production is the way societies turn resources into
goods and services.
PRODUCING
When we think of producing, or production in economic terms, what
most readily comes to mind is the assembly line–the manufacturing
process that results in products like these baked goods. In the assembly line process, we clearly see that producing is a process that starts
with raw materials, such as this flour. Through a series of steps, using
automated machinery and people, these raw materials result in a seemingly endless stream of finished products that move into the marketplace.
In this program, we will see that in a free market economy, such as
people have in the United States, how efficiently producing is done is
a major factor in earning a profit. And we will analyze the factors that
go into the production of products.
Production is one of the most important activities economics looks at.
It is probably the first economic activity the human species engaged
in. Early humans learned to grind grain into flour to make bread, and
in doing so, became an economic producer.
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In most early societies, goods such as knives were produced by the
group or tribe, food was shared, and warriors provided a service of
protecting the group.
In modern societies the results of production are divided into two categories: goods and services. Goods are further divided into two types:
consumer and industrial.
Let’s look first at consumer goods.
The number and kinds of consumer goods available to customers in
Western countries like the United States seem almost unlimited. These
are just a few.
Consumer goods are bought and used by households. Industrial goods,
however, are primarily bought and used by businesses. They can vary
from simple tools to giant machines.
A second result from production are services. Services are also divided
into consumer and industrial types.
Let’s look at consumer services first.
Some of the consumer services we know well are haircuts, banking,
entertainment, and veterinary. Here are some others. Each year, more
people are employed in providing services to the consumer.
Businesses also buy services. Security is one kind of service, cleaning
may be another, and many repair jobs are services that businesses buy.
This man is fixing a computer terminal. There are some services, like
telephone services, that are bought by both business and the consumer.
All of these goods or services, whether consumer or industrial, have
one thing in common: they all use resources to bring them about.
Economics has a special way of viewing the production of these goods
and services from resources. Economists call it analyzing “the factors
of production” or “inputs” of production.
Economics divides these into four categories: natural resources, labor,
capital, and other products.
Let’s look at a few examples from each category.
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Land itself is a major natural resource. Trees, oil, coal, and other minerals are all natural resources. So, too, are air and water.
Labor includes office workers, construction workers, people working
in various types of manufacturing, even baseball players. They are all
forms of labor.
Capital resources take the form of buildings, tools, equipment, manufacturing machines, and of course today, computers. Even a jet airplane is a capital resource.
Other products are items that a specific production operation gets from
other businesses, like nuts and bolts or auto parts. These fans may go
into a new car.
Let’s look at some specific examples of production and identify “the
factors of production” used by each. This company manufactures buses.
At the very beginning of the production line, we can see the raw steel
that is used to make the bus frames. Steel is the product of the natural
resource iron. The steel is cut and then welded using hot gases – another natural resource.
All along the production line we can see various kinds of labor.
Here are some of the machines and tools, called capital, that are used
in producing a bus.
NeoPlan, the maker of these buses, has a large warehouse filled with
“other products” that are manufactured by other companies. These
products, like the bus seats, are installed by NeoPlan workers at the
NeoPlan factory. Ultimately, all of these factors of production: natural
resources, labor, capital, and other products, come together to create
the finished product – a bus.
As a second example, let’s look at the factors of production in a small,
one-person business – a person who makes beaded earrings. Earrings
are a consumer product.
One of the items in making the earrings are crinoid stems, a fossil found
in a nearby quarry. These are natural resources.
Diane uses herself as labor, both in a physical sense of putting the beads
together and mentally in creating her unique designs. She has a small
collection of hand tools – her capital resources. The beads, other than
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the crinoid stems, are made somewhere else – they are “other products.” You can see how differently the factors of production are combined in this example compared to the bus plant.
Lastly, we will look at this baby-sitter. She provides a consumer service. She uses no natural resources, no capital, no other products –
only labor.
What’s really important here is the knowledge or skill that she brings
to the job of baby-sitting. She may be very creative at providing the
child with educational activities, and she may know CPR or other emergency practices.
A question for the people in each economy is what goods and services
should be produced. In a free market economy, like in the United States
and many other countries, the market itself answers the question –
that is, the market determines which goods and services get produced.
For example, we need to get from place to place. This creates a demand for transportation. Businesses have tried to satisfy the demand
by making cars, bikes, and public transportation, such as trains, buses,
and planes.
These various ways of producing transportation all compete to satisfy
our desires to move around. Some businesses satisfy this demand by
selling us a consumer product, like a bike. Other businesses try to
satisfy this demand by selling us a service, like a plane ride. We can
see that competing airlines use different ways of combining the factors
of production to meet demand. They use different kinds of airplanes,
different schedules produced by mental labor, and they try to keep
fuel costs low. Each combination can be profitable. Maximizing profits is the goal of almost every business.
We will look at one make-believe business to better understand this
principle.
Laura runs a mud pie business. She gets water from the stream. She
also gets soil from the gardening center that she pays for.
She hires kids to make mud pies and she pays them.
Other kids buy them and throw them around. Let’s look at six examples.
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Case number one: Laura sells her mud pies for ten cents a pie. Each
day she sells about fifty mud pies. So her revenue is five dollars a day.
The cost of soil is one dollar a day and she pays each of her two workers one dollar a day, so her combined costs are three dollars. Laura’s
costs are less than her selling price — so she makes a profit.
Revenue is five dollars. Costs are two dollars for labor and one dollar
for soil, so total costs are three dollars. Laura makes a two dollar profit.
Case number 2: Laura prices her mud pies at twenty cents apiece.
That’s more than most kids are willing to pay. She only sells five mud
pies a day. Her revenues are only one dollar. She lays off one worker,
but her costs are still greater than her revenue. Laura has to go out of
business.
Revenue is one dollar. Costs are one dollar for labor, twenty cents for
soil. So her total costs are a dollar twenty. Laura has a loss of twenty
cents.
Case number three: Laura uses a mold to make mud pies, which means
she can make many pies in a shorter period of time. She has made a
capital investment in a tool. She now sells fifty mud pies a day but
needs one less person to make them, so her profit is higher.
Revenue is five dollars. Costs are one dollar for labor and one dollar
for soil. So her total costs are two dollars. Laura makes a profit of
three dollars.
Case number four: Laura decides to advertise. She prints up a flier
that tells parents throwing mud pies is good for their children’s health.
So, the kids not only have their allowance to spend on mud pies, but
some of their parents’ money as well. Laura sells more mud pies per
day, resulting in greater profits.
Revenue is six dollars. Costs are one dollar for labor and a dollar twenty
for soil, so total costs are two dollars and twenty cents. Laura makes a
profit of three dollars and eighty cents.
Case number five: Instead of buying the soil from the store, Laura gets
it for free from a neighbor’s yard. Profits go up, because production
costs go down.
Revenue is six dollars. Cost is one dollar for labor. Laura makes a
profit of five dollars.
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Case number six: Laura’s neighbor Sam starts a competitive mud pie
business, lowering his price to eight cents a pie. Laura, too, must lower
her price to keep the customers happy. The kids are winners because
they pay less for the mud pies, or get more mud pies for their money.
So, we see that maximizing profits is a complex process of combining
the factors of production and meeting the demands of the marketplace.
Always the outcome is uncertain, but understanding the process will
help increase the chances of success for all businesses.
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Name ____________________________
ECONOMICS
The Production, Distribution and Consumption of Goods and Services
Lesson 2: Producing
Word Exercise
Fill in the blanks.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
___________________________ is the way that societies turn resources into goods and
services.
Machines and tools that are used in producing are called ___________________________.
_______________________ is the difference between the revenue (or income) that a
business gets for its goods and services and the cost of producing the goods and services.
Businesses try to make this difference as large as possible. This is called
________________________________.
A person who studies economics is called an ____________________________.
Natural resources, which come directly from the earth, are _________________________
if they can be replaced.
Natural resources that cannot be replaced are called __________________________.
____________________________ may be physical, mental, or both, depending upon what
kind of work is being performed.
A factory making one kind of product may use _____________________
_________________________ that were manufactured somewhere else.
An _____________________ ____________________ is a process used for the mass
production of goods.
When you get a haircut, you are purchasing a _______________ ________________.
Banks hire other companies with armored cars to move cash. This is purchasing an
______________________ _________________________.
The __________________________ __________ _________________________, which
include natural resources, labor, capital, and other products, may be combined in many
ways.
In the United States, we have a _________________ ___________________
___________________ in which the market determines what goods and services are
produced.
____________________ and __________________ are the result of production. Both may
be divided into consumer and industrial.
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2
Name______________________________
ECONOMICS
The Production, Distribution and Consumption of Goods and Services
Lesson 2: Producing
Math Exercise
1. Suppose that Laura (in the video) decides to outdo Sam’s prices. Laura now sells her mud
pies for 5¢ each. She gets the soil free and pays one worker $1.00 per day. How many mud
pies must she sell to “break even”? In other words, when would her revenue equal her costs?
2. Suppose Laura gets free soil, makes her own mud pies, and lays off her worker. She still
sells the mud pies for 5¢ each. Now she only has enough time to make and sell 5 mud pies in
one day. How much profit or loss does she make per day?
3. You want to open a lemonade stand. It takes 2-1/2 pounds of lemons and 1 pound of sugar
to make 20 glasses of lemonade – enough for one day. Lemons cost $2.00 for a 5 pound bag.
Sugar costs $1.50 for a 5 pound bag. There is no charge to you for the water from your kitchen
faucet. What would be your cost per day for lemonade?
4. You sell 20 glasses of lemonade in one day. Each glass of lemonade sells for 25¢. What
would be your revenue?
5. What would be your daily profit or loss on the lemonade stand? Show your work.
©1996 Centre Communications
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3
Name______________________________
ECONOMICS
The Production, Distribution and Consumption of Goods and Services
Lesson 2: Producing
Vocabulary Match
Match the following vocabulary terms with the correct definitions on the right.
A. A service performed at the producer level.
1. _______capital
B. Physical and/or mental work.
2. _______ economist
3. _______ goods
C. Machines and tools used in producing.
D. Natural resources that cannot be replaced after being
consumed, or those resources which take too long to replace.
4. _______ labor
5. _______ producing
E. The way that societies turn resources into goods and
services.
6. _______ profit
F. A manufacturing process that uses standardized parts for
the mass production of goods.
7. _______ assembly line
G. Natural resources which can be replaced after being consumed.
8. _______ consumer service
H. A person who studies economics.
9. _______ factors of production
I. The four factors that may be combined in many ways to
make a profit – natural resources, labor, capital, and other
products.
10._______free market economy
11._______ industrial service
12._______maximizing profits
13._______non-renewable resources
J. The difference between the revenue that a business generates from its goods and/or services and the cost of producing
those goods and/or services.
K. Products that were manufactured somewhere else that are
used to make other products.
14._______other products
L. A tangible product which may be sold to a consumer or
another industry.
15._______renewable resources
M. Making the difference between revenues and costs as large
as possible.
N. A service performed for a customer at the consumer level.
O. The type of economy in which the market determines what
goods and services are produced (such as the United States
economy).
©1996 Centre Communications
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1560 Sherman Av., Suite 100 Evanston, IL 60201 1-800-323-9084 Fax 847-328-6706
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