![]() The entrepreneur will need land for a factory.This is a relatively labour intensive industry because labour costs will incur a high % of total production costs.The entrepreneur (farmer) will also need to invest in some capital – farming tools, baskets and vehicle to deliver the crop to the market.The company then need to employ workers to look after tea and at harvest time pick the tea leaves.In this industry land is an important factor – it needs to have the right climate and soil to grow the tea. Entrepreneur purchases land to grow tea plants.Finance – Entrepreneurs needs access to money – either savings or loans from banks to get started.People who start up businesses – Anita Roddick, Bill Gates, Richard Branson.Public infrastructure – communication and roads needed to transport goods across the country.Įntrepreneurs (individuals who bring factors of production together.Workers – full time, part-time, temporary, permanent.Commercial real estate – land to build factories.Agricultural produce – fruit, vegetables, meat.Cultural heritage – if there is a strong tradition of investment and business, it is easier to replicate past business models.Is there trust and working legal systems which enable entrepreneurs to have greater faith in setting up a business Social capital – the coherence of society.It will influence the effectiveness of capital investment. State of technology – some schools of economics consider the state of technological development to be a factor of production.For example, a doctor who spent 15 years studying medicine is more productive than non-skilled workers. ![]()
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