William Welsh,a former Air Force pilot,decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains.He obtains a loan and purchases the necessary land,facilities,advertising,and five helicopters for his business.What important factor of production has he overlooked in creating his business?

Question

Quizplus · Accepted Answer

While William Welsh has invested in essential equipment, facilities, and advertising, he has not considered the labor required for the helicopter tours. He will need to hire pilots, mechanics, and support staff to run his business successfully. Therefore, he has overlooked the important factor of production, which is Labor.

William Welsh,a Former Air Force Pilot,decides to Operate a Helicopter