Question

Janice decides to produce and sell clothing. She leases retail space at a strip mall from James and renovates her guest bedroom into a sewing room with new sewing machines. She also imports cloth and dye from Thailand to help create some original designs. Janice hires five of her friends to help – Kiera, Sarah, Carlos, Kevin, and Chanice. Kiera and Kevin will sew the new designs while Carlos, Sarah, and Chanice will help run the store. Which factor of production does Janice represent?

Answer 1

The factor of production that Janice does represent is known as Entrepreneur factor.

What are factor of production?

These factors refers to those resources served as the building blocks of the economy, that is, they are the factor that people use to produce their goods and services.

Basically, the economists divide the factors of production into four categories: namely:

• land
• labor
• capital
• entrepreneurship.

The entrepreneurship as a factor of production means the combination and controller of the other three factors.

The Entrepreneurs uses the land, labor, and capital in order to produce a good or service for consumers.

Hence, as the Entrepreneurship is involved with establishing innovative ideas and putting that into action by planning and organizing produce, then, what Janice does represent is known as Entrepreneur factor.

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