Question

assume that your from any one the following family how can utilize the limited resources to full fill your needs. family farm. petty shopper. flower vendor​

Answer 1

Assume that you are from anyone the following family how can utilize the limited resources to full fill your needs. family farm. petty shopper. flower vendor​

On the assumption following are the ways in which i will utilize the limited resources being from:

• Family Farm: If I am from a family farm, My family’s limited resources are land, labour, bulk carts of tractors, and tools which are required for agriculture. Now my basic needs are food, shelter, clothing, education, medical facilities, and many other goods and services. To fulfill all my needs or wants, I have to produce or grow agricultural products (vegetables or food grains) with the help of resources.

          Now I have an agriculture product that is produced. Some of the parts of the product I will keep with me, and the remaining parts I will sell in the market in exchange for money. All my other needs for goods and services will be fulfilled by the money received from the sale of my product.

• Petty Shopper: If I am maintaining a petty shop or grocery store (small), My limited resources will be my shop, me and my family members' labour, some furniture, and some investment (capital). In the petty shop, initially, I had to invest in buying all the grocery products I wanted to sell and earn a profit.

          Now my basic needs are food, shelter, clothing, education, and many other goods and services. To fully meet these needs, I need to sell my grocery store and earn a profit. With profit, I can fulfill my other needs. But I may not have to buy groceries for myself because they are already with me in my shop.

• Flower Vendor: I am a flower vendor. Selling flowers to temples, weddings, and all other functions. At the same time, my limited resources are my investment in buying flowers, labour, and all other goods and services which are required to sell the flowers.

         Now my basic needs are food, shelter, clothing, education, and many other goods and services. To fulfill these needs, I need to sell flowers and earn money.