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FOUNDATIONS & FUNDAMENTALS

VIDEO
Factors of Production
The Factors of Production in a society include our scarce resources and how we
choose to distribute them. The four most common types we refer to are land,
entrepreneurship, labor, and capital.
 Your wedding location will require the production of land, as you want to get
married someplace of beautiful scenery, or so I presume!

The labor of your wedding will be all the people who help you prepare for your day,
such as the chefs, the interior decorator, your bridesmaids, and of course all those who are
traveling from far.

As for capital, that is simply the man made resources you’ll have at your wedding,
perhaps your dress is hand made, or some of the decorations you have.

Enterprise is what brings everything together for you and prepares it for
production.

We make sacrifices come our wedding day because we can’t afford “the dream
wedding”. There’s really no such thing. That doesn’t mean your wedding can’t be good,
it simply means you can’t afford everything you’d like or perhaps not everything is
commendable.

For example, you may have picked the location of your dreams, but what about the
food you’ll serve to everyone? The beverages? What if they simply can’t accommodate ten
different meal options? Well, then comes the decisions you have to make...Keep the dream
location and come up with a compromise of five meal options instead. (Even that’s a lot!)
MICROECONOMICS
Interview

BUSINESS IN THE U.S

 SUPPLY & DEMAND
VIDEO

When discussing supply and demand, several factors can

contribute to a fluctuation, but price will always remain
the same.

In demand, the higher the price, the lower the quantity demanded, but in supply, as price
goes up, so does quantity supplied.

The market equilibrium price is when supply and demand meet at the same price; the
buyer and seller agree to trade. This rarely happens, but is a good thing if/when it does.

When applying supply and demand to marriage, the same rules are true.

For example, if more women are seeking partners, trade shifts in favor of men.
The market price equilibrium could be foreseen in there was a sudden baby boom.