microenconomics - 1 Abundance doesn't really work with unlimited resources No one has a business large enough with enough money or enough time so

microenconomics - 1 Abundance doesn't really work with...

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1.) Abundance doesn't really work with unlimited resources. No one has a business large enough with enough money or enough time, so choices must be made. If you have a place of abundance, people's demands will overwhelm the resources to supply the demand. 5.) Well labor as a resource is basically what the people you hire bring to the table to the production of a product, whether it's thinking out a plan and designing it and then having someone else construct whatever it is you planned and designed. Entrepreneurship as a resource could be looking at a new way to process or do things, maybe finding new business deals. 7a.) because there is scarcity, people have to choose between the things they want to buy. 7b.) picking between different goods, people have to pick one good over another. For example If you go to see a concert in cleveland then you cant see the one in toledo. 7c.) because demand is higher than the amount of resources, rationing the resource is a good way to control demand. Making how much money one must give up to get the good they

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