Discussion Factors of Production

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Discussion Topic

Starbucks  is a worldwide brand that is known for creating a community coffee  house feel with ethically sourced coffee. Let’s look at the Factors of  Production for Starbucks. The coffee chain needs land for the coffee  shops, capital to purchase the coffee and the machinery to produce  specialty coffee drinks, the labor of the baristas who have the  knowledge of how to make the specialty drinks, and finally the  entrepreneur Howard Schultz. Howard Schultz provided the last factor of  production by being the first person to capitalize on a market for  coffee houses and connecting among the other four factors of  production. 

In your original post, answer the following:

Now  it’s your turn. You own a donut shop right next door to Starbucks.  Answer the following questions about your donut shop and the factors of  production: 

• Explain (like the Starbucks example) how your donut shop would use the Factors of Production. 
• Which of the following factors of production will be most important to your business? Explain why you chose this factor. 
  • Land
  • Labor
  • Capital
  • Entrepreneurship
  • Knowledge
• Technology is part of the ‘Knowledge’ factor of  production. Technology helps to increase the efficiency of the factors  of production. How would you use technology in your donut shop?

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