Factors of Production

Question 1

The United States is known as the “land of opportunity.” Every day, inventors and entrepreneurs seek to create better products that will enhance the lives of people in society. Of course, for many, it is their own self-interest that encourages them to do so. They create in the hopes that their hard work and determination will result in a large paycheck!

Think about the items that you have now that help make your life easier. What’s missing? Can you think of something that would make your life or one of your relative’s lives better? This assignment requires you to put on your “inventor’s hat” and your “thinking cap”! 

In a short essay of at least two paragraphs, summarize your idea for an invention that would make your life or someone in your family’s life easier. In your essay, you should answer the following questions:

1. What does the item look like?
2. What function does the item perform?
3. How does it make someone’s life easier?
4. What factors of production will go into making the item?
5. Do a little bit of research on the Internet to find out how you might obtain the funding necessary to start your business and/or bring your new products to the marketplace. Explain what you find. Who might be interested in helping you fund your new invention?

Question 2

1. What advantages can an entrepreneur who buys a business gain over one who starts a business from scratch?

2. How would you go about determining the value of the assets of a business if you were unfamiliar with them?

3. Why do so many entrepreneurs run into trouble when they buy an existing business? Outline the steps involved in the right way to buy a business.

1-2 pages in length. Cite all necessary sources and include all references. Your document should be completed using APA format and standards.