First, the type of business that will be started must be analyzed so that decisions about the necessary production factors are aligned with the business, which will be an economics tutoring service.
According to the type of service that will be offered, in this case knowledge about economics, an essential capital will be human capital, since it is through the skills and training of an individual that knowledge about a particular topic is extracted, such as economics.
Other factors of production such as land and financial capital are necessary to significantly compose the business, such as the place where it will be taught, furniture such as tables, blackboards, computers, etc.
Human capital is characterized as one of the most important organizational resources today, where there is an increase in competitiveness in the globalized market, and the knowledge and creativity of people are characteristics that constitute a differential capable of generating innovation and positioning for a company.
Therefore, when offering an economics tutoring service, the most important production factor is human capital, which will be the basis of the business, and the teacher must then be, aligned with the needs of students to generate value for the new business.
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