Four Economic Resources
Most people think that land is just something that keeps you held up from falling.
Walk on, run on, etc...
But in economical terms land includes...
Energy sources
Minerals
Forests
Water
Soil
Regions have many or different resources, depending on land factors.
Some places have to withstand thier land factors such as little crop land
Some succeed
and
Some fail
Factors like these lower incomes and living standards.
People create goods and services such as corner stores
They use economic resources and their own skills to stay in business
Places such as India have large production lines of a certain object, that is ore and coal.
This is perfect
for steel production
But given the materials they need;
machinery and skilled people....
India has developed into one of the
major steel producers
They also have industries that create...
Entrepreneurship is when an individual has a conciderable amount of money to invest.
That person must take many risks when staking his/her money in order to become successful.
RISK
If a person wants to be a successful in his or her own buisiness they must ask themselves a hand full of questions
For whom am I doing this for? Will I make a profit? Will I lose money? Is it a good location? (If opening a store)
A successfull entrepreneur needs all three factors of Economical Resources to make the buisiness.
Combining land, Labour, and Capital in order for the buisiness to work.
AFter all that, its a little bit of luck then its success
A Capital is money invested towards something to make a profit.
A Capital is not only incountered with money
BUT
Also "Capital Goods" which is for example factories and transportation systems.
Industrial building can cost millions!
So that mean that it may need Foriegn Investment. (People or organizations investing from different countries
and shoe repairs
And Animals
bicycles
Trucks
And other steel merchandise
AT