Owen wants to start a tutoring business. He has a space rented and a lot of ideas, but he has no employees who can tutor the students. Which category of economic resource does he require?
A.labor
B.entrepreneurial ability
C.land
B.capital
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Answer:
B .entrepreneurial ability
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A.labor
According to the question,
- Owen has thought of starting the business and had made all the plans and preparations regarding the same. He has provided the factor of entrepreneurship to the business as he is the brain that is going to act behind the business.
- The area that she has rented will be the land factor that will be used to set up all the things.
- The capital will be all the money, tools, and equipment that will be used for the commencement of business such as benches, blackboards, chalks, printers, etc.
- Labor is the amount of physical that is put into the business such as the people that will be hired as the tutors, administrators, etc.
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