The Factors of Production

NEEVC St. Louis Fed Challenge: We focused on the main three factors of production and disregarded the fourth one "entrepreneurship". We did this for good reasoning, and because it was not until recently that pundits and textbooks actually added the fourth factor "entrepreneurship". It is an ongoing argument between economists whether "entrepreneurship" should be added. However, historically it has always been the three main factors which are land, labor, and capital. Entrepreneurship is simply defined as the individual who takes an idea and attempts to make an economic profit from it by combining all other factors of production, as defined by Investopedia. Lyrics below

Iand, labor, capital repeat 3X Background (factors of production)

Verse 1: Land is the natural resources we use that we hope will last forever and we cant abuse/ see these resources cant be reproduced we use'em up then we cut them loose/we got air, oil, water, and coal/ wind and wood which help make these goods/ some people under analyze and are misunderstood/ cus they think water last forever and we know thats not the truth/ but instead we dont listen and continue to pollute/ if they only knew these factors/then they wouldnt get the boot

Iand, labor, capital repeat 3X Background (factors of production)

Verse 2: Labor is the work put in by humans/ like your teacher or a preacher giving a lesson/ most companies place workers in areas there best in/ to help produce goods and services essential for our everyday lives so that we can be satisfied/ even the lady at the register is labor/ so is the bagger (you want plastic or paper)/ L-A-B-O-R stands for what each one of us are/ so stand on your feet and clap to the song

Iand, labor, capital repeat 3X Background (factors of production)

Verse 3: When I say Capital im not talking about money/ im talking about the tools we to make money/ like a crane used in the production of a building/ or a latter helping to put in a new ceiling/ capital is any tool or type of machinery/ like a garden hose used to plant greenery/ and without capital there would be no scenery/ capital/ thats what it means to me/and all these things help our economy function/thats why theyre called/ THE FACTORS OF PRODUCTION

Iand, labor, capital repeat 4X Background (factors of production)

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[Kml1242]

this goes hard in the paint

[Karousha]

kool way of learning.LAND, LABOR, CAPITAL

[rayb0913]

ahha this is awesome

[S2SnCollegegrad09]

I thought your video was really great! Wonderful Job!