What is an opportunity cost of cancellong cable?
watching a lot of channels
http://www.investopedia.com/terms/o/opportunitycost.asp
What's a factor of production? Can you put it in simple words please?
http://www.investopedia.com/terms/f/factors-production.asp
So it would be entrepreneurship right? (Business)
Entrepreneourship is ONE factor of production.
Sorry, let me rephrase my question...
Cable would be entrepreneurship right?
No.
"The entrepreneur is the individual who takes an idea and attempts to make an economic profit from it by combining all other factors of production. The entrepreneur also takes on all of the risks and rewards of the business."
-- From the above website