PROSPERITY

PROSPERITY

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Learning Goals - Level 3th Grade, High School VWO

1. You can explain the difference between prosperity in a narrow and a broad sense.

 

2. You can explain that prosperity in a narrow sense is measured bij the GDP 

 

3. You can list the four factors of production 

 

4. You can name the four sectors of production and give examples. 

PROSPERITY, Mini Lesson for TTO

Prosperity

PowerPoint Prosperity

PowerPoint Mindmap Prosperity

Prosperity, only money or more?

Prosperity is how well you are able to fulfill your needs with the available and scarce means.

Scarce means like money and time, are used to fulfill your needs.

You must take choices how to allocate your means.

Therefore, prosperity is more than money.

You also have to make choices about how to spend your time: on sports or on visiting friends?

 

 

Prosperity in a narrow sense

Prosperity in a narrow sense is prosperity expressed in money, your purchasing power.

Prosperity in a broad sense

Prosperity in a broad sense covers besides money needs that can not be expressed in money, like health or environment.

Prosperity in a narrow sense is part of prosperity in a broad sense.

Resources are not infinite!

 

Finite Planet

The term finite planet is used to indicate the limitation of our resources on the planet.

Finite means are limited.

The planet we reside on has several resources. But we have to keep this in mind. They are not infinite

How do we measure prosperity?

Measuring prosperity in a broad sense is difficult.

How do we measure happiness? How do we measure the appreciation of the environment?

 

Prosperity in a narrow sense is easy to measure.

We can measure the:

 

Gross domestic product (GDP)

The gross domestic product is the volume of total production of all companies and government authorities in a country.

The GDP indicates how much is produced in a country and therefore is a

benchmark of prosperity (in a narrow sense).

We say there is economic growth when the GDP increases.

That means that the economy grows when thet country’s total production increases.

 

 

Factors of production

Factors of production are the resources available to a country to produce.

By combining these factors in production processes we add value.

The are four factors of production:

1. Capital

2. Labour

3. Nature

4. Entrepeneurship

 

 

Factors of production
Factors of production

Examples of Factors of production

  1. Capital: machinery, buildings,tools and other devices. (Capital goods)
     
  2. Labour: employees
     
  3. Nature: land, trees, all things we extract from nature without adjusting them
     
  4. Entrepreneurship: the entrepreneur combines all production factors and uses them in the most optimal way

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Glossary

Prosperity in a narrow sense

A country’s prosperity, expressed in money.

Prosperity in a broad sense

A country’s prosperity expressed in money and immaterial needs, like a good environment or a good health.

Gross Domestic Product (GDP)

The volume of total production of all companies and government authorities in a country.

Economic growth

An increase of GDP in a country.

Factors of production 

Resources needed for production (capital,labour,nature and entrepreneurship).

Production sectors 

Dividing the economy in four sectors.

Horticultural company

Horticulture is the cultivation of plants in gardens or greenhouses

Where are products and services produced?

Domestic products and services are produced by all kind of companies.

You can divide the domestic production in four production sectors.

 

 

The four production factors

 
Sector What kind of production? Example
Primary or agricultural sector Agriculture or fishing Horticultural company
Secundary or industrial sector Industry and construction Printing company
Tertiary or commercial services sector Trade, services Store, real estate broker
Quarternary or non-commercial services sector Non-profit companies Hospital, school

 

 

 

 

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