The four resources used by businesses to produce goods and services are known as factors of production and include capital, labour, land and Entrepreneurship (Pride, Hughes & Kapoor 2015, p. 11).
Entrepreneurs Louis Charles and Virginia Graeter started their small business making and selling ice cream and chocolate sweets from a building that served as their shop, place of manufacture and residence. This type of business set up enabled the Graeter’s to maximise their profits because their overheads were relatively low (SciTech Daily n.d.).
After Louis passed away, Virginia used the four factors of production to expand Graeter’s ice cream business. She purchased twenty new stores around Cincinnati and a factory to support the business’s ability
Entrepreneurs Louis Charles and Virginia Graeter started their small business making and selling ice cream and chocolate sweets from a building that served as their shop, place of manufacture and residence. This type of business set up enabled the Graeter’s to maximise their profits because their overheads were relatively low (SciTech Daily n.d.).
After Louis passed away, Virginia used the four factors of production to expand Graeter’s ice cream business. She purchased twenty new stores around Cincinnati and a factory to support the business’s ability