Factors of Production

Yesterday in class we talked about factors of production (inputs required for effective operations). The factors of production consist of four parts: natural resources such as minerals, lumber, water & the land itself; capital which refers to machinery, equipment, technology, etc which are used in production; human resources meaning the physical and intellectual services of people (including training, education, skills) and entrepreneurship which is basically having the ability to start up and run a business successfully. And like Professor Evans said, "you do not have to be smart to run a business."

As we spoke on production, I remembered the incident Victoria's Secret faced late last year, when they came under fire for their abuse of natural resources for production. As per the article posted under this link http://www.thepetitionsite.com/takeaction/250704936?ltl=1140466751

the lingerie company, who annually mails an impressive 395 million catalogues out to consumers, was accused of printing on predominantly virgin paper which comes from endangered forest located in North America's Boreal Forest.

This mishap doesn't only illustrate the use of a natural resource (lumber used to manufacture paper), but also the effects of exploitation. More and more we become aware of how many of our country's even world's natural resources are not replenishable, and should be used with care. Recycle!