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Microeconomics: Land, Labor, Capital, and Entrepreneurship

            It may be that you get all the coffee you need on a single morning, but will that satisfy your desires permanently? Not if you want coffee in the eventuality. Wants shift as we grow from infancy to adulthood, although they do not lessen." Consequently, also your desire for coffee is unsatisfied over a period. As personalities grow their desires for particular goods, vary "The contrast separating men and boys is the dimension of their pastimes."), just the reality that their wants are unsatisfied makes not. Like the coffee case, even with urgent craves for a precise good are currently fulfilled, there are still desires for other commodities and likely for the first commodity some time in the future (Chai, 2016). Hence, even your desire for coffee is insatiable over time. .
             Resources are anything that is employed in the generation of something else. There are four categories of resources in economics: land, labor (workers), capital and entrepreneurship. All these resources are scarce in nature, and hence goods and services being the products of these resources, are highly limited (Scarce resources, 2015). Scarcity consequently circles us, and this does not stop (Natural resource scarcity – classical to contemporary views: Journal of Natural Resources Policy Research: Vol 7, No 4, 2016). This shows that resources are limited. If resources were plentiful with no limit, then we would not have a deficiency of the commodities they produce.
             Economic problems are the problems of comparative scarcity wants to better resources in the relevant thought. We are not in a situation to effectively present solutions of all our economic predicaments; that is, meet all of the individuals wants and needs. In a case where all our wants and needs are entirely fulfilled, nothing would have a value because no one will spend money on things already in possession. If there existed a fulfilment situation for all an individual's needs and wants, there would be no economic resources.

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