Format and instructions for Assignment #1

Standard EF1

Title: Limited Resources and Unlimited Wants and Needs

•  Scarcity influence the choices I make about spending my money because I tend to spend more than what I have. An example of trade-off was when I had to give up basketball in order to stay focus in school and pass my classes. The opportunity cost of my decision was playing basketball. I made my decision by deciding which one is more important to me. In the end I felt great because I graduated with my 8th grade class and continued to play in high school.

• I think i would see myself  being the entrepreneur who makes the decisions about the use of labor. I reached this conclusion because I feel as if  I am a leader and i think that perfection is everything. You need the best to be the best.

• The business owners influence each of these factors of production because these are things they need. They need land to have a place to start the business,labor to get the work done, the capital to see the goals that you set for your business, and entrepreneurship to make the business and money because if you don't have either one then the business would fail. 

• I feel that this standard was understandable. I understood the four factors of productions and how business owners affect them.