“Be thankful for what you have; you’ll end up having more.

If you concentrate on what you don’t

have, you will never, ever have enough.”

Hello everybody I am Oprah Winfrey and I want all of you to remember this quote as we take a
deep dive into the field of economics.

In this world, humankind’s needs and desires are infinite. By nature, we want more, more, and
more. The problem is, we can’t always have more. Nature and the world can only offer so much
to billions of people. This is where economics comes in. Its goal is to efficiently use limited
resources to meet endless demands.

Now, there are things we call as the factors of production, which are economic resources that can
be employed in the creation of commodities and services. It is divided into four groups: capital,
labor, land, and entrepreneurship.

Capital is anything that may be utilized to manufacture products and services. Labor is any type
of human effort done during the production process. Land is anything that originates in nature
which provides all living things with nourishment and vitality. And for the production process to
work successfully, entrepreneurship organizes all the three other factors mentioned.

Are there any aspiring entrepreneurs in this room and if so, may I see a raise of hands? As an
entrepreneur myself, I could say that it is not an easy job. It requires skill, perseverance,
consistency, and hard work. Me? I started from the bottom. Zero. And I slowly but surely made
my way to the top.

[Pick someone out from the audience; ask their name; use them as an example] Let’s say that you
started a [insert] business from scratch and you prospered. Does the success end there? Does the
story end there? No, it does not. You have to maintain and remain consistent – or even level up
and find a new mountain to climb. Entrepreneurship may not be an easy role to play, but believe
me, it is so fulfilling to know that you built something from ground zero.

But going back, economics is actually both personal and universal. Microeconomics is essential to
one's financial well-being since it examines the effects of individual human behavior. Economists
give others professional or personal advice since they know how to make these choices in their
own life. Macroeconomics examines the overall behavior of the economy, including changes in
employment rates, national income, GDP, inflation, price levels, and growth rates.

I began this talk with a quote and I will end it with the same quote. “Be thankful for what you have;
you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have
enough.” Ladies and gentlemen, I hope you learned a lot from me today and I hope that you
practice gratefulness in your everyday lives. Thank you for having me.