The Factors of Production are the resources used to create wealth in the economy.

Land (Natural Resources)

Labor (Workers)

Capital (Includes machines, tools, buildings, or whatever used in the production of goods, but not money. Money is actually used to buy factors of production.

Entrepreneurship

Knowledge

Some experts, including the late Peter Drucker, believe that the most important factor of production is KNOWLEDGE. Some countries are rich in land or labor, but these aren’t critical to wealth creation.  Typically, what makes rich countries rich is not land, labor, or capital; it is a combination of ENTREPRENEURSHIP and the effective use of KNOWLEDGE.

Please answer the following questions:

1)  If you could, would pursuing your ideal career be worth it or if you could invest in your own business, would you and could you obtain the necessary finances to make this happen?

2)  Is the risk of the unknown in the business environment worth the pursuit of your time, money, and family adjustment to own your own business?

3)  What are the advantages and disadvantages of working for others? Advantages and disadvantages of owning your own business?