- If I owned a business, a production possibilities curve would tell me, what two things you can produce efficiently. Increasing of product profit and trade could cause your production possibilities curve to shift outward.
- The marginal benefit eceeds the marginal cost determines weather you are making a rational economic decision.
- Companies choose to specialize and trade because it increase production and profits If the companies did not specialize it would be a decrase in production and profits
- I feel that I need a better unstanding on this standard to really get into detail about the assignment.
- Scarcity influence the choices I make about spending money by having me think twice about buying expensive things when I go shopping due to saving money. Like one time I had chose to go shopping at the mall than to go to six flags. That decision made me feel kind of vis versa because the both of them were going to be fun, but I love to go shopping so I felt goood about my decision.
- Business owners influenced land by making money out of it,like building factories, businesses, and places that make money. They influenced enterpreneurship because enterpreneurs own their own buisinesses and that fall right in line with a business owner. Also business owners influence labor because with a company you need good workers to keep the business moving.
- I can see myself more as an individual that makes decisions about the use of labor because I like to bring new ideas to the table and take charge when it comes to making important decisions.
- I'm pretty comfortable with this standard, I do think i need a little more help with it just to master it. What do you specificlly mean by capital and labor?
