Limited Resources and Unlimited Wants- BreAnna Kennedy

1. 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 youer choice?

-Your not going to spend more money that what you have coming in.
- Once when i was broke i pawned my mp3 player for money.
- I gained the money and had extra money in my pocket.
- First i was hesistant but i needed the money.
- I felt relieved because I had money in my pocket.
- The opportunity cost was losing the pleasure of listening to my mp3 player.

2. There are four factors of production- land, labor, capital, and entrepreneurship. How do business owners influence each of these factors of production? What is a risk and a reward that business owners might incur with each of the four factors of productions?

- Every decision there is to make dealing with the four factors of production the owner will have to make.
- The risk for land could be the owner not knowing anything about the area. The area could have all kinds of issues. The reward could be good because the business may be full with customers just by the area being good or in a busy community and if the business have customers then the owner makes money.
-The risk for labor could be the owner not hiring enough workers then the business will not run functional, just by the owner being cheap trying to save money. The business won't benefit you and may not be successful. The reward could be hiring enough workers to get the job done and having a well ran business so your happy and so are the customers.
-The risk for capital could be you not having enough supplies for your business. The reward may be you having more than enough supplies. That will be good for your business looks and needs.
-The risk for entrepreneurship could be frustration, stress, depression, exhaustion, etc. Entrepreneurs face alot trying to run a good business, wanting everything to go smoove and well is not easy. The reward for entrepreneurship is you controlling what goes on in your business. Ex. Your work hours, employees, decisions, etc.

3. Do you see yourself more as an individual that will supply labor or as an entrepreneur who make decisions about the use of labor? explain how you reached this conclusion.

- I see myself as an entrepreneur because someday i would love to be a psychiatrist, not only that but I would like to own the business. I've reached my conclusion because i am independent, determined, and want to be a boss of my own one day in life.

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 that you have about this standard?

-I feel sort of smart because I've come a long way with these standards. First I was kind of lost but now I understand It well.

- How exspensive is it to own my own business? How do I become a successful entrepreneur?