Limited Resources and Unlimited wants and needs--August 14, 2010

How does scarcity influence the choices you make about how you spend your money? Give a specific example of a trade-off that you had to make. What was the opportunity cost of your decision? How did you make your decision? Afterwards, how did you feel about your choice?

Answer-  Scarcity influence the choices i make because have to decide what to do with the resource i have. Like one time i had four eggs and i wanted to make breakfast, but i needed the four eggs for the pasta i was making later on that night. So i had decided to keep the eggs for the pasta. My friends and I had two tickets to the lakers game but decided at the last minute we wanted to go see Takers. So we drove to AMC 24 to see if somebody wanted to trade, after a while two boys wasnt able to get in the movies because their age. They wanted to go to the Lakers game instead of home, we had a trade-off over the movie and lakers tickets, that trade-off benefitted my friend and I and the other group of boys. The opportunity cost was us missing the lakers play to see the movie Takers. I made my decision by thinking of everything you had to go throught to get into the Lakers game, then to get into the movies. I felt good about my choice because i was closer to home and the benefit out weighed the cost.
There are four factors of production – land, labor, capital, and entrepreneurship .How do business owners influence each of these factors of these factors of production? What is a risk and reward those business owners might incur with each four factors of productions?
Answer: A business owner influence all these factors by buying the land hiring the labor and making money off the capital and by being a entrepreneur because they own the business. The risk is that might open a business in a bad location that wont benefit the business, hiring the wrong laborer that will decrease the business profit instead of increasing. The capital might not be in demand to match the supply. And the some business owners is not fit to be a entrepreneur. The reward is that the land will probably be in the perfect location, the labor will work to increase the business profit and the capital will benefit the business and the owner will be the perfect owner.

Do you see yourself more as an individual that will supply labor or as an entrepreneur who makes decision about the use of labor ?Explain how your reached this conclusion.

Answer: I see myself as a entrepreneur , because i have good decision making skills and will be committed to the business  

Include two relevant visuals (based on standards) with captains that explain their significance to the standard(s)

Workers who benefits an entrepreneur business by using the capital supplied

A welding machine will be classifed as a Capital Good

Formative assessment Reflections-How do you feel about your knowledge of this standard? What are two questions that you have about this standard?

Answer: I feel like i get the information and i understand the general message of this standard. But the two questions i have is why is trade-off needed in the business world and how can scarity problems be fixed