The Pot Noodle Inc.

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The Pot Noodle was created because there was a niche in the market for a cheap and easy product for a meal or snack. What made it slightly different from the other products in the market was the fact that it already came in a pot which you could pour the water straight into and eat out of it, no need for a bowl. They are slowly bringing out new flavours to keep their current customers happy and entice new customers. Goods and services are produced by using productive resources which are called factors of production. These are grouped into 4 categories which are Land, Labor, Capital, Entrepreneurship. Land is another word for natural resources, it includes land and other things such as water and air etc. This would include the land that is used to grow the produce needed to make the noodles. Labor is the time and effort that people put in to creating a product. It includes mental and physical effort and the quality depends on knowledge and skill that people have from training. In terms of labor in the Pot Noodle it would be people such as factory workers, or produce harvesters. Capital are the tools and machines that businesses use to produce their good. This would be any type of machinery or tools used in harvesting or making the product. Entrepreneurship is the idea behind organising land, labor and capital. Entrepreneurs come up with new ideas and make business decisions. These would include people who come up with the new flavours and how they market their product. I
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