standared: EF1......limited resources and unlimited wants and needs

• How does scarcity influence the choices you make about spending your money? The most fundamental implication of scarcity is that everything we do carries a cost. When you are doing one thing, you are using time and resources that cannot be used for the next most valuable thing you could have been doing. The cost of doing more of one thing, then, is the value that is sacrificed by doing less of something else. This is why economists are so fond of pointing out that there is no such thing as a free lunch.
• an example of a trade-off that i'v had is when i got my nails did i lost money but i gained beauty.
• the opportunity cost of my decision is i giained my main intent which was beauty.
• i made my decision by which ws more important to me beauty or value.
• afterwards i felt great about the situation.

Bsiness owners use these factors of production land, labor, capital, and entrepreneurship to hire workers, gain capital goods, run there business, and also to have a place for there business.
A risk that might occur with these factors is they may run out of capital goods, or their business my not be successful.

• I do not see myself doing anything with labor or entrepreneurship because i prefer something in the medical feild.

reflection: i dont feel to good about the standard but i think i have the concept.
 what is a better definition of scarcity?
what is rationl behavior?