https://padlet.com/986283/6extl6pmnneqs0wc Lesson 1.1 en-us 2021-01-19 02:35:42 UTC 2025-10-17 18:01:29 UTC hello@padlet.com 986283 https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099452138 Money is not a resource because it doesn't directly contribute to the production of goods and services. Rather it is the means to obtain resources, but it itself is not a resource, more an incentive. ]]> 2021-01-19 02:37:50 UTC https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099452138 986283 https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099452904 Anything that's manufactured in order to be used in the production of goods and services (simply machinery and equipment) A Starbucks example of this would be the Mastrena II, this is the espresso machine used in order to produce espresso drinks, the "good" of starbucks.]]> 2021-01-19 02:38:22 UTC https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099452904 986283 https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099453631 What IS scarcity?
A situation in which human wants are greater than the capacity of available resources to provide for those who want. A Starbucks example of this would be when everyone wants our new merchandise, however, we are sold out. ]]> 2021-01-19 02:38:58 UTC https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099453631 986283 https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099459589 No, this is because many resources, if not all are limited and bottom out as some point in time making it impossible to eliminate scarcity completely.]]> 2021-01-19 02:43:56 UTC https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099459589 986283 https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099461553 Resources can solve scarcity by eliminating the lack of resources and meet demands. Given that there were more land allowing for unlimited resources to compose materials people "demand" then labor could go up , to allow for more production, given that entrepreneurs take on the projects and create what is in need. For example, disinfectant sprays, when covid hit, the demand for products such as lysol was high, however it became scarce, this allowed for entrepreneurs of smaller cleaning brands to rise and gain popularity to help meet demand. However realistically, after that the resources used to create these products became scarce and labor went down, causing the scarcity to go unsolved. ]]> 2021-01-19 02:45:21 UTC https://padlet.com/986283/6extl6pmnneqs0wc/wish/1099461553