Answer to Question #252528 in Microeconomics for Suraj

Question

Assume that you are from any one the following family. How can you utilize the limited resources to fulfill your need
a) family farm
b) petty shopper
c)flower vendor

Answer 1

Solution:

When you come from the family of a family farm, petty shopper, and flower vendor, which are either low- or medium-income earners, you can utilize your limited resources to fulfill your needs by having a proper budget and saving more.

You should create a proper budget and prioritize your expenses according to how important and urgent they are, starting with basic needs and so on. An appropriate budget will assist you to save properly and utilize your resources in the most efficient way.