Lessons on Concept 'Factors of Production' for 6-8
Please find the grade level for your class.
Henry Ford and the Model T: A Case Study in Productivity
Grade 6-8, 9-12 / EconEdLink: This three-part learning unit provides students with the story of Henry Ford and the Model T from an economics perspective. Parts 1 and 2 explore how the Ford Motor Company successfully introduced mass production strategies to the auto industry. Students learn how specialization and investments in capital (machines, people, etc.) increased productivity and allowed Ford to slash the price of his popular vehicle. Students also explore how Henry Ford used economic incentives to address a problem created by mass production techniquesworker turnover. An optional Part 3 explains how increased productivity resulted in shifts in the supply and demand for the Model T. Students analyze how a variety of non-price determinants continue to influence the automobile market today.
How Can Entrepreneurs Control Costs?**
Grade 9-12 / Students will learn that at certain times all entrepreneurs have some fixed costs that must be paid no matter how many products are offered for sale. Variable costs change with the number of products offered for sale.