Lemonade Stand and Factors of Production

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UTSC Department of Management

după Stephanie Perpick

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după Mark Morton

GROSS DOMESTIC PRODUCT

după mafer gaspar

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după Savannah Constantino

Factors of Production

Entrepreneurship

Negotiationg the best prices from the lemon sellers and other suppliers to make the best profit margin, or lower the price to increase popularity and make more money that way

подтема

Being able to attract new consumers due to marketing

Being able to identify what the consumer wants

Capital

Intellectual capital

Perhaps a secret family recipe that everyone loves

Finanical capital

The money neecssary to pay the workers, pay for the lemons, machines, etc. to make it all run

Physical capital

the raw materials (lemons, sugar,etc.)

The juicers, mixers, etc.

Labour

keep inventory at the "warehouse" or storage

Sell the lemonade

Workers to make the lemonade

Land

Land on which lemonade is produced

Land on which I set up my lemonade stand

Land on which I store the lemons, sugar, spare equipment, etc.