A.P. Economics (Please check if I'm right)

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Leaving class today, you decide to start an economics tutoring business. Your first step is to get the two categories of capital. Next you need to obtain the other factors of production. Specifically, what do you need in terms of land, labor, and capital.

My Ans: Physical capital could be the building where the tutoring class takes place. Human capital would be the knowledge I gain by studying in the classroom.

I don't get what I should write in terms of land and labor??? Please help!!!

  • A.P. Economics (Please check if I'm right) -

    Hummm

    Human capital is what tutoring business offers to produce; it is the product being sold.

    When I hear "capital" I generally think of two types: physical and financial. Physical capital are the physical items needed. You mentioned the building. Other items include furniture including desks for students to sit, computers to do the analyses, etc. In general, any man-made item you could touch.
    Financial capital is generally cash or a line of credit. This is needed to pay the myriad of startup and operating expenses.

    Labor is the people you need to hire to run the business. Be sure to include the work provided by you, the owner. (Sometimes, hiring labor, especially specialized people such as teachers could be described as obtaining human capital.)

    Land is a generic term for any kind of natural resource. Probably not much in the tutoring business. Perhaps a playground or an apple tree for stundents to sit under and ponder the meanings of life.

    I hope this helps.

  • A.P. Economics (Please check if I'm right) -

    thank you so much...it really did help!!!

  • A.P. Economics (Please check if I'm right) -

    wow really shocked at this ?tion is right out the book hmmm not alone listen to T.I no mercey all she wrote

  • A.P. Economics (Please check if I'm right) -

    lol john marshall fb follow hahah

  • A.P. Economics (Please check if I'm right) -

    naw but i need a tutor while i listen to T.I bigger picture

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