- Scarcity influence the choice you make because it limits the quantities of resources to meet unlimited wants. For example, I had to make a trade off of 150$ or one pare of shoes. my opportunity cost was a nice pare of shoes. I choose not to get them because for 150$ I could get more than one pare of shoes so I would be getting more for my money. Afterwards, I felt great about my decision because i would have more shoes.
- Business owners influence the four factors of production by useing land because that is the places of natural resources that are use to make goods and services. Labor falls right in place once you own a business because that mean you are putting in effort in which you will be getting paid for. Capital influence business owners because they use resources that are human made to make there own product. Entrepreneurship falls in place also because it really sums up land,labor and capital.
- I can see myself as a entrepreneur.I say that because entrepreneurs combines land, labor, and capital and makes the decisions about everything.
I fell that this standard is easy but i still need to learn more about it.
What are some of the limited resources?
How does it effect the economy?
