Answer:
There are four major factors that go into the production of a high-quality lipgloss:
1) Land - the land for a lipgloss factory must be free of toxins and must be of a size that allows for turning it into a productive business.
2) Labor - the factory must be staffed with a team capable of producing the desired amount of lipgloss.
3) Capital - the factory must have the money to cover the production and advertising costs.
4) Entrepreneurship - the factory must be run by individuals who are passionate about their work and are able to make quick decisions in order to stay ahead of the competition.
Step-by-step explanation:
When thinking of what goes into producing a product, it's helpful to break it down into four factors: labor, land, capital, and entrepreneurship.
• Labor refers to the physical and mental work required to produce a product.
• Land refers to the physical space required to produce a product.
• Capital refers to the cost of the fixed assets required to produce a product.
• Entrepreneurship refers to the personal assets required to produce a product.
Land is the natural resources, such as the land, which will determine the amount of resources that can be used to produce lipgloss. Labor is the amount of time and effort that it takes to produce lipgloss, which will also determine the price. Capital is the amount of money that is needed to produce lipgloss, which determines the price. Entrepreneurship is when someone takes an idea and turns it into a business. This is very important because it is the factor that determines how much a product costs.