Factors of Production
Updated: 1/22/2020
Factors of Production
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Storyboard Text

  • One day, Dan the Entrepreneur noticed a distinct lack of baked goods stores in his town. He decided to open a new one himself.
  • Realizing he needed space and materials from the land, he bought both.
  • Dan's Bakery
  • Flour
  • Because he needed physical capital in the form of money to do this, he took out a loan.
  • Dan's Bakery
  • Dan did not have the time or skills to bake on his own, so he hired employees with the right human capital of cooking ability.
  • Dan's Bakery
  • Finally, made sure his employees were paid for their labor working for him all day.
  • Dan's Bakery
  • The new bakery quickly became a staple of the community, a regular stop for all sorts of people.
  • Dan's Bakery
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