Economics Product Project Product Your Name Class Period

Economics Product Project [Product Your Name Class Period]

4 Factors of Production-Unit 1 Land What natural resources go into making your product? [List Land Resources Here] [Picture Representing Land Here] Labor Who is paid for work completed in producing this product? [List Labor Resources Here] [Picture Representing Labor Here] Physical Capital What physical capital is needed to produce this product? [List Physical Capital Resources Here] [Picture Representing Physical Capital Here]

4 Factors of Production cont. -Unit 1 Human Capital What human capital is used in the production of this product? [List Human Capital Resources Here] [Picture Representing Human Capital Here] Entrepreneurship Who combined land, labor and capital to create the idea for this product? [List The Entrepreneur(s) who came up with this product here, include the year and location in which the product was created] [Picture of Entrepreneur(s) Here]

Tradeoffs and Opportunity Cost-Unit 1 [List 5 other products that could possibly be made with the resources available for your chosen product] [Which product from that list do you believe is the opportunity cost (next best option) of producing your product? Explain why you believe this other product is the opportunity cost in 3 -5 sentences]

Production Possibilities Curve-Unit 1 [On a piece of paper, draw the PPC for your product and the opportunity cost product (next best option) from the slide before. Then take a picture of it with your phone/tablet and upload it here. Your graph MUST be hand drawn and uploaded and include the following items labeled on your graph: 1. Name of Product (on X axis) 2. Name of Opportunity Cost Product (on Y axis) 3. Point A- Shows efficient use of resources 4. Point B-Shows inefficient use of resources 5. Point C- Shows currently impossible production with resources available]

3 Basic Economic Questions-Unit 1 Who decides what to produce? [Answer Question Here] [Picture Representing Answer Here] Who decides how to produce it? [Answer Question Here] [Picture Representing Answer Here] Who decides for whom the product is produced? [Answer Question Here] [Picture Representing Answer Here] Based on the answers above, what economic system is your product produced in? [Answer Question Here] [Picture Representing Answer Here]

Circular Flow Diagram-Unit 2 [On a piece of paper, Circular Flow Diagram for your product using this template. Then take a picture of it with your phone/tablet and upload it here. Your diagram MUST be hand drawn and uploaded and show the following: -Flow from Firms to Product Market -Flow from Product Market to Households -Flow from Firms to Resource Market -Flow from Resource Market to Households -Flow from Households to Product Market -Flow from Product Market to Firms -Flow from Households to Resource Market -Flow from Resource Market to Firms]

Circular Flow Diagram cont. -Unit 2 What do factors of production do households contribute? ● [Answer here in complete sentences] What finished products does your company create? ● [Answer here in complete sentences] Why are households and businesses interdependent? ● [Answer here in complete sentences] How is the government involved in your product? ● [Answer here in complete sentences]

Business Organization-Unit 2 [Sole Proprietorship, Partnership or Corporation. Which term applies to your company? Explain why in 2 -3 sentences. Then add a picture that represents the business organization for your product’s company]

Quantity Demanded-Unit 2 Scenario: [Describe a real world scenario that would cause a change in QD. Then drag either the up arrow or the down arrow on to the graph to show the direction of the change. ]

Quantity Supplied-Unit 2 Scenario: [Describe a real world scenario that would cause a change in QS. Then drag either the up arrow or the down arrow on to the graph to show the direction of the change. ]

Demand Curve Shifts-Unit 2 [ For each of the following SHIFTers of Demand, give an example of each and explain which direction (left or right) the shift would occur: -Substitutes or Compliments -How many consumers are there? -Income of the consumers -Future expectations of consumers -Tastes and consumer preferences] [On a piece of paper, draw two examples of Demand Curve Shifts (one left and one right) based on your examples. Then take a picture of your work and upload it here. Each graph MUST be hand drawn and include the following labeled on your graph: -Price -Quantity -D 1 -D 2 -Arrows indicating shift from D 1 to D 2]

Supply Curve Shifts-Unit 2 [ For each of the following SHIFTers of Supply, give an example of each and explain which direction (left or right) the shift would occur: -Subsidies or taxes -How many producers are there? -Inputs (aka Ingredients) -Future expectations of producers -Technology] [On a piece of paper, draw two examples of Supply Curve Shifts (one left and one right) based on your examples. Then take a picture of your work and upload it here. Each graph MUST be hand drawn and include the following labeled on your graph: -Price -Quantity -S 1 -S 2 -Arrows indicating shift from S 1 to S 2]

Price Floors and Ceilings-Unit 2 [On a piece of paper, draw a graph indicating where a price ceiling and a price floor would be set for your product. Then take a picture of it with your phone/tablet and upload it here. Your graph MUST be hand drawn and uploaded and include the following items labeled on your graph: -Price Floor -Quantity -Surplus -EQ -Shortage -S -D -Price Ceiling [Explain who would like a Price Ceiling in 23 sentences here] [Explain who would like a Price Floor in 2 -3 sentences here]

Market Structures-Unit 2 [Perfect Competition, Monopolistic Competition, Oligopoly or Monopoly. Which term applies to your product? Explain why in 2 -3 sentences. Then add a picture that represents the market structure for your product]