Mark Zuckerburg, the creator of “Facebook”, is considered the youngest billionaire in the world. Like every other entrepreneur, he used the three factors of production to expand his company. The land of his company would be the office space he had used to complete all his programming. This space had changed from dorm rooms to official office buildings. The labor of the company is all of his workers that had done the programming with him to construct Facebook. These workers had ranged from his own friends to other computer programmers. The capital can be broken up into 2 parts, physical and human. The physical capital he had used for his company are the computers that had done the programming of the website. The human capital of the company was the actual computer programming itself. He had taught his friends the knowledge of computer programming to help him build upon his company.
Mark Zuckerburg had to undergo many risks when creating Facebook. Mark and his team were not able to just create Facebook overnight. They had spent years building it and still continue to work on it today. Investing money is one risk that all entrepreneurs must make. A business could never begin to grow without money being invested into it first. Mark had spent thousands of dollars to keep his website running. He knew that this website could turn into a billion dollar business, but he was not doing all this hard work for the money. Mark Zuckerberg’s dream was to contribute to the world. He would undergo any risk just so that the world might enjoy his creation.
Every person in the world have the same needs to survive. Every person also develops a want or desire for something. A want can be defined as something to satisfy at the current time. Due to the fact that many people get incredibly addicted to Facebook, people begin to acquire something more than just a want. They begin to develop a psychological need for Facebook. They begin to develop a “need” to check up