Title: Limited Resources and Unlimited Wants and Needs

Standard EF1


Limited Resources and Unlimited Wants and Needs


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?



It has been many events that scarcity has played a major role in my life such as making sacrifices . Examples of what I was going to do this weekend was to go to the movies, going out to eat, hanging out with friends. Out of the choices I decided to go out to eat with family members, the opportunity cost was time and money spent and including driving. I made my decision by mind processing I haven’t seen my relatives since I was a little child, I felt great after my choice because of the family I got to catch up on.


There are four factors of production-land, labor, capital, and entrepreneurship. How so 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 production

Business owners have to buy property on or build their business on (land). If they want to hire staff or workers, it is considered (labor). (Capital) for business owners have to create the goods or products that they are selling. (Entrepreneurship) Business owners are the entrepreneur. A risk that a business owner might face is bankruptcy the economy is now in a recession and it is certain amounts of money you can put in the bank, and people cannot afford cost of things. The workers could be lazy not wanting to do any work and quit for no reason. A reward that a business owner might also encounter is good sells, more profits.

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 more as an Entrepreneur that makes decisions about the use of labor, Depending upon what type of business I want to do I have to choice to have labor or not.


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

 This is based upon the standards it shows unlimited wants and how it’s spent and funded through schools and police

This picture shows the whole factors of production step by step process



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

I’m better understanding this as I can relate the standards to myself and everyday life, I have no question on the standard