Scarcity & Economic Reasoning
Incentives:
Incentives Written piece of your choice. I do not want some definition copied from a website, must sound to be in your own words.
SHOW:
You can identify incentives and explain how they influence decisions.
Production Resources:
Production Resources
That you can define and identify each of the productive resources (natural, human, capital) and explain why each is necessary for the production of goods and services.
That you can explain that entrepreneurs combine productive resources to produce goods and services with the goal of making a profit.
Economic Systems:
Economic Systems For Capitalism AND Socialism do each of the following:
Demand Changes:
Demand Changes Narrative
You are to show your understanding of the DEMAND concept. More specifically you will show the difference between DEMAND changing and QUANTITY DEMANDED changing.
TASK:
Show:
Illustrate how supply and demand determine equilibrium price and quantity.
Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market.
Incentives:
Incentives Written piece of your choice. I do not want some definition copied from a website, must sound to be in your own words.
SHOW:
You can identify incentives and explain how they influence decisions.
Production Resources:
Production Resources
- Tell the "story" of the production of an item of your choice.
- Include the 3 factors of production + entrepreneurs.
- Include written and visual work in your explanation
That you can define and identify each of the productive resources (natural, human, capital) and explain why each is necessary for the production of goods and services.
That you can explain that entrepreneurs combine productive resources to produce goods and services with the goal of making a profit.
Economic Systems:
Economic Systems For Capitalism AND Socialism do each of the following:
- List the form of government (necessary for/associated with) the economic system.
- List 2 basics of the economic system.
- Description of 1 advantage with picture showing.
- Description of 1 disadvantage with picture showing.
Demand Changes:
Demand Changes Narrative
You are to show your understanding of the DEMAND concept. More specifically you will show the difference between DEMAND changing and QUANTITY DEMANDED changing.
TASK:
- pick a product you are familiar with
- Write narrative explaining the factor that would cause your products quantity demand to change.
- Write different narratives explaining the SIX (6) factors that would cause the demand for your product to change. As well as what would happen to the demand. (increase or decrease)
- with each narrative assume that supply is staying the same, so what affect will your scenario have on the equilibrium price.
- Include enough visuals to help develop your stories.
Show:
Illustrate how supply and demand determine equilibrium price and quantity.
Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market.