Answer to Question #252743 in Microeconomics for Nazu

Question

Assume that you are from petty shopper of the family .how can you utilise the limited resources to fulfill your needs.

Answer 1

Making a big deal out of the minimal resources available is part of being a petty shopper.

Land available should be put to any use either in agriculture or industrial we cannot use the same land for both activities.

For example, in the village, one can open a petty shop, which is a little shop that does not necessarily need to stock a big quantity of goods but rather focuses on the essentials.

The petty shop takes up a small amount of area. It does not require a larger area to be structured.

It should be emphasized that the village has a small population, thus a petty shop may effectively and efficiently fulfill their needs.

A little amount of startup and operating capital is required for a petty store, which can readily be obtained by borrowing from relatives or friends or taking out a small loan from a microfinance organization.

The petty shop can be run by one person as a sole owner, which lowers the expense of recruiting personnel compared to a larger business.

For people who are unemployed, the tiny store is a good source of income. It ensures that the unemployed in society have a steady source of income.

Example 2,  

If one is from a family and family's limited resources are land will use it for agriculture. Since the basic need are food, shelter, clothing, education, medical facilities and other goods and services. To full fill all the needs or wants one will have to produce or grow agriculture products(Vegetables or Food grain)with the help of resources.