By now we know about scarcity, resources, goods, and services. So how are scarce resources turned into goods and services? Via the four factors of production! These are land, labor, capital, and entrepreneurship. You may have an idea regarding what these entail, but there are some details that are very important which are often misunderstood. Let's get the scoop on these now! Script by Matt Beat: https://www.youtube.com/user/iammrbeat Animation by Ignacio Triana: https://www.youtube.com/c/Unraveled Watch the whole Economics playlist: http://bit.ly/ProfDaveEcon Mathematics Tutorials: http://bit.ly/ProfDaveMath American History Tutorials: http://bit.ly/ProfDaveAmericanHistory History of Drugs Videos: http://bit.ly/ProfDaveHistoryDrugs General Chemistry Tutorials: http://bit.ly/ProfDaveGenChem Classical Physics Tutorials: http://bit.ly/ProfDavePhysics1 EMAIL► ProfessorDaveExplains@gmail.com PATREON► http://patreon.com/ProfessorDaveExplains Check out "Is This Wi-Fi Organic?", my book on disarming pseudoscience! Amazon: https://amzn.to/2HtNpVH Bookshop: https://bit.ly/39cKADM Barnes and Noble: https://bit.ly/3pUjmrn Book Depository: http://bit.ly/3aOVDlT