Econ

Econ
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  • I really need a burger right about now!
  • Actually you want a burger, but you do need food
  • What's the difference?
  • Well needs are required for survival, but wants are not
  • Well, it's not that easy. There are actually many factors of production that make owning a business hard.
  • Oh, ok i get it now.  I would like to have my own restaurant.  I could eat all day.
  • Oh yeah, I know that you need capital to help start funding your business.  But what are the others?
  • There's also land, which is natural made objects or materials.
  • Exactly! Finally there's also labor which is just the work put into maintaining and creating all of this stuff
  • Oh yea and entrepreneurs who start their own businesses, like me!
  • Your lunch gentlemen
  • FOOD!
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