4 Factors of production

4 Factors of production

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  • Hey, Eric! I'm going to start my own business.
  • That’s cool, but how are you going to do that exactly.
  • First, I’m going to be risking all I have, that includes my own money. I know that’s risky.
  • Did you know that’s called being a entrepreneur?
  • No, I didn’t! Wow!
  • After you risk everything what’s the first thing your going to do?
  • Well, for my business I need land, for that I’m going to need to spend money, that’s why.
  • Oh wow! I assume that’s the first step of 4 factors of production.
  • No, the 2nd one, being an entrepreneur is the 1st step.
  •  Nice, what’s next?
  • Next I will need workers to help me, this would be investment in Human Capital. .
  • I'll be your worker.
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