Thursday, January 16, 2014

Levi Strauss

  1. You have learned about the factors of production or the resources needed to produce goods and services. List all the major resources that the Strauss brothers needed to make jeans.
  2. All resources fall under 1 of 4 categories. Land: Natural Resources to make a product. Labor: Workers. Capital: includes tools, buildings, and equipment. Entrepreneurship: the ability to combine the other 3 resources to make or improve a product or service. List each resource as Land, Labor or Capital. 
  3. Did the Strauss brothers possess entrepreneurship? Explain.

1. The major resource was canvas. 

2. Land:Canvas, labor: sewers, cutters capital: scissors, needles, sewing machines , snaps.

3. Yes they did because they started with a small idea then they made it into a billion dollar company. Their company still exists. He had a simple idea. The main thing was that he was able to adjust to a new product.

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