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Concepts: Factors of production, entrepreneurship, tradeoff

Background: At the beginning of the series, Hakan and his friend Memo want to open their own antique shop in Istanbul from scratch.

Question: Which steps will Hakan and Memo follow to open their antique shop?

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Concepts: Debt financing, equity financing, bond, stock, human capital

Background: Starting a company is costly. Both Hakan and Memo are poor in the series and do not have the necessary funding to create their company. To find the money, Hakan tries to get a well-paid job at a large firm.

Question 1: What are Hakan and Memo's financing options to make the initial investment?

Question 2: What would Hakan need to increase his chances of getting such a job?

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Concepts: Uncertainty, investment in physical capital

Background: Uncertainty is an important but complex concept that potentially severely affects economic outcomes. In the context of Club de Cuervos, the passing of Salvador Iglesias Sr. created uncertainty about the future of the local soccer team, and rumors of the club being relocated had emerged.

Question: Explain why and how the uncertainty created by the passing of Salvador Iglesias Sr. affects the club itself, but also the local economy of Nuevo Toledo.