- 1. How does scarcity influence choices you make about how you spend your money? Give a specific example of a trade-off you had to make. What was the opportunity cost of your decision? Afterwards, how did you feel about your choice? Scarcity influences choices that you make because of the fact that there are limited resources that cannot supply unlimited wants and needs. A trade-off I had to make was when I decided to buy a soda instead of buying a hamburger, the opportunity cost was that I was still hungry afterwards. Afterwards I felt as though i should have bought the hamburger because 10 minutes later I was thirsty again.
- 2. There are four factors of production- land, labor, capital, and entrepreneurship. How business owners influence each of these factors of production? What is a risk and a reward that business owners might incur with each of these four factors of production? They influence land by choosing where to build their business, they influence labor by hiring workers, they influence capital by charging money for their services, and they influence entrepreneurship by being entrepreneurs. A risk with land is that they may be in place that doesn't need whatever service thay provide and a reward is that they might in a very wealthy neighborhood. A risk with labor is that you may have lazy workers and a reward is that they may also be very productive. A risk with capital is that it could be stolen and a reward is having that capital to spend.
- 3. Do you see yourself more as an individual that will supply labor or as an entrepreneur who makes decisions about the use of labor? Explain how you reached this conclusion. I see myself as more of a entrepreneur because of the many leadership skills I possess and the amount of intelligence I possess.
- 4. Include two relevant visuals (Based on standards) with captions that explain their significance to the standard(s).
- 5. How do you feel about your knowledge of this standard? What are two questions you have about this standard? I feel very confident about my knowledge of this standard. Two questions I have are, how can I benefit from knowing these things and how will they affect me?
Tuesday, September 7, 2010
Limited Resources and Unlimited Wants and Needs
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Demario, I love your blog!
ReplyDeleteYou failed to answer question 2
Please make sure you include relevant visuals
Reflection: You can benefit from this standard because it teaches you that we are constantly making trade-offs and that we need to be aware of the opporunity costs of our decisions.
Demario,
ReplyDeletePlease delete the ads from your blog--unless they specifically relate to the assignment--otherwise they are just distractions.