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- Son, as I pass down my business. I feel you children need to know the 3 most important things to know about running a business. Your sisters are on their way.
- Alright PAPA
- First things first, I am telling you about scarcity. Resources may be limited and this affects what we produce, how we produce it, and for whom.
- yes.
- So we as a business must make choices based on what the consumers want amd need
- But how do we make those choices?
- You have to look at the factors of production. This is resources, land, capital, labor, and entrprenuership.
- yes.
- sorry we were eavesdropping.
- Isn't an entrepreuer a person that uses those other things in order to make a new product?
- Well firstly resources are necessary to produce what the poeple want or need. Land is society's limited natural resource, like animal life, minerals in rings etc.
- Okay but how does these things contribute to our production?
- Wow cool. But what the heck is capital?
- And what does labor have anything to do with it?
- I think labor is the work done by workers to get the product produced
- yes.
- yes.
- And isn't capital the stuff needed to produce goods or services? Like machines to make car parts?
- Don't say that..
- Ah I see.
- We really busting it down on this business stuff.
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