Economics
Storyboard-Text
- I 've always wondered how goods get made by companies in these factories
- Why don't we find out? Let's ask for a look around.
- Capital is also divided into three categories: human, physical, and financial
- Thanks for giving us a tour. What exactly goes into making these goods?
- All production starts with land, labor, capital, and entrepreneurship
- Land is all of the natural resources found on Earth.
- That's all correct! and entrepreneurship is the innovation, skill, vision, and creativity required to start a business
- Would examples be minerals, oil, woods and animals?
- Thank you for the look around! Now we can understand of how
- Does that mean that capital is the resources used by humans for more efficency?
- Yes! And labor is time, workers, and effort that humans put into making all goods and services.
- Yes! Physical capital is the physical resources available to a business
- So that would mean human capital is the experience that result in knowledge or skills to produce goods and services?
- Oh! So entrepreneurs must combine all four factors of production to drive the economy!
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