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¨I wonder how I can apply economics to my everyday life?¨
¨I was looking for some hotdog buns for my camping trip but I cant seem to find any.¨
The reason behind there not being any buns is because there is a shortage.
I wonder what the factors of production are for hotdog buns?
For the facorts of production for hotdog buns, for land you need land to grow the wheat. Labor is the workers and the work that you have to do to pick the wheat.
The human capital needed for hot dog buns is the people who are trained to run the equipment at the factory. The physical capital is the machines that are needed to make the hot dog buns.
My opportunity cost because I couldn't get hot dogs without buns was that I had to eat spaghetti for dinner.
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