limited resources and unlimited wants and needs

Scarcity influences the choices I make about spending money by urging me to spend money on the things  need more than the things I want. I once had to make a trade off between getting my nails done and buying what I wanted to eat. Since I decided to get my nails done my opportunity cost was having to buy something cheaper to eat other than what I really wanted.

Business owners influence the factors of production because they have to use each of them in order to start or run a busines. The four factors of production are provided to the businesses by the households. The risk business owners might take with the four factors of production is not properly using a factor to their advantage for example not choosing a location where the business can prosper in it's environment, not hiring workers that posses skills worthy of doing the job, not getting all the goods and supplies needed to do the job, and losing money by risking to start a business.
I see myself more as an entreprenuer who makes decisions about the use of labor because I am usually a good leader and I know how to put plans into actions. I am a good instuctor and will make good use of the products.

Capital goods are a part of labor they are used to have better production.

Reflection: I understand this standard for the most part. The visuals help me understand the breakdown of how everything works.

1. 
   
   What steps does it take to have production in a society?
2. 
   
   Do all societies use the same production process?