Traditional education taught that human economic development progressed from hunting to stock farming and then to agriculture. However, the only real difference is that stock farming is an economic method of obtaining food by domesticating livestock, while agriculture involves domesticating plants. Therefore, this three-stage development theory is no longer accepted. Instead, the development of human civilization can be seen in the evolution of transportation. To understand the nature of how the world changes, we should observe the development of transportation. The increasing speed of movement is the main evidence that society is changing rapidly. - Joseph’s “just my thoughts”
In business, capital means business funds. A successful entrepreneur often says, "I started my business without any capital". It's partly true, but it's a lie. The entrepreneur just said that capital means only cash. However, all kinds of businesses need to be fundamentally business funds in any even not cash. The entrepreneur didn't count the founder's labor cost. No inputs, no outcomes. The uncounted labor costs are called "alternative costs" or "opportunity costs". This comes from comparative advantage. If the entrepreneur doesn't accept the uncounted labor cost as a debt, the entrepreneur is equivalent to losing the profit due to opportunity costs. Please always remember this. There is no free lunch in this world. - Joseph’s “just my thoughts”