Economics Project

Economics project

competition

The Project is due next Tuesday, December 20, 2016.
The plan is due Friday, December 16, 2016. Students will need to know which good they are going to follow through production. We will work on it in class. A minimum of 10 terms are to be used.

For the past few weeks, we have been studying Economics. Economics is the study of how people and businesses satisfy their wants and needs.  Below are the terms we've covered.

1Economics is the study of how people and business meet their wants and needs. The study of the manufacture, distribution, sale and use of goods and services.

1. Needs are something a human cannot life without in modern times.
2. Wants are something a human would like to have but can live without, such as TV, internet.
3. Scarcity is when there is a shortage of goods and services to satisfy the wants and needs of the people.
4. Opportunity cost is the thing you give up when making a choice between two things.
5. Interdependence is when two parties have a business relationship, which cannot exist without both parties.
6. Barter or Trade is when people or businesses exchange goods or services for money or items as payment.
7. Natural resource from the earth and things, which man have found a use.
8. Human resources are people with skills to do a job.
9. Capital Resource is items in the production of other goods, ie. Land, buildings, tools, and money.
10. Services are jobs people do in exchange for pay.
11. Goods are materials that are produced for people to buy or things that can be seen or touched.
12. Demand is how much in the way of goods and services people want and are able and willing to buy at a given price.
13. Supply is the amount of a product that is available for people to purchase.
14. Production is the making and providing goods and services for people to buy.
15. Profit is the amount of money that a business makes after the cost of running the business has been paid. (Revenue (collected $ – expenses= profit.)
16. Costs the amount of money that must be spent to get a certain good or services.
17. Loan is money that is borrowed over a period of time and paid back with interest to the lender.
18. Interest is the money that is paid on a loan by the borrower for the use of that money.
19. Wages or salary the money that is paid to a worker for the amount of time that that has been worked.
20. Producer is a person who makes goods or provides a service.
21. An entrepreneur is a business owner.
22. An employer is the person who hires someone else to do work.
23. An employee is the person who is hired to do a job.
24. Specialization is when people do the jobs that they are interested in and do best.
25. Inflation is the general rise in the price level of goods and services.
26. Recession is the times when people are out of work and business are doing badly.
27. Shares of a business that can be bought or sold.
28. Investor is someone who puts money into a business hoping to make a profit.
29. Competition is the contest between businesses or people to get the most customers or the best price.
30. Free enterprise of the U.S. economic system operates according to five main principles: the freedom to choose our businesses, the right to private property, the profit motive, competition, and consumer sovereignty (consumers choose not the government).
31. Division of labor is the different jobs needed in production are divided among various workers.
32. There 5 types of economies:
33. Traditional - A traditional economy is typically based on bartering, trading, and farming. The economy is largely determined by how things have been done in the past with little change. People in traditional economies tend to do the same jobs as their parents.
34. Market - A market economy (sometimes called a "free market") is one based on supply and demand. Consumers are free to buy whatever product they want. Companies can make whatever product they want. There is little government intervention allowing the economy to sort itself out through competition.
35. Command or Planned - A command economy is one where the government closely controls the economy. The government determines what goods are manufactured, the price they will be sold, and who gets the profits. The government owns many of the major industries.
36. Mixed - A mixed economy is a combination of a market and a command economy. Some industries are owned and/ or controlled by the government, while other industries determine the market. Mixed economies vary in how much control and regulations the government has. The United States has this kind of economy.

When a company competes against its own products

Trade off, one becomes opportunity costs

Explain the difference

Needs vs. wants

Supply and demand

Supply, demand and production

Opportunity cost, price and competition

Profit, wages, costs and production

Production and division of labor

Inflation and recession (profits and wages)

Employer vs. entrepreneur

Nike vs. Under Armour

Opportunity Cost video








Rubric

Points 5	Points 3	Points 2	Points 1
There are 10+ terms used properly and in the appropriate order.	There are 8-9 terms used properly. 1 or 2 may not be used properly or labeled.	There are 6-7 terms used properly. 1 or 2 may not be used appropriates.	There are 5 or less terms used properly. 1 or 2 are used appropriately.
The production begins at the very beginning and follows a purposeful plan to arrive at the consumer's home. Reader has no unanswered questions.	The production begins at the very beginning but does not  follow a purposeful plan to arrive at the consumer's home. Reader has 1 or 2 unanswered questions.	The production begins in the middle and does not  follow a purposeful plan to arrive at the consumer's home. Reader has 3 or more unanswered questions.	The production begins in the middle and goes out of order, cnfusing the reader of the production chain. There is no ending.  Reader has 5 or more unanswered questions.
There are colorful graphics with every term. The graphics and pictures help to explain the production supply. All terms are labeled.	There are colorful graphics but some terms are missing labels.	There are graphics lacking color and clarity with more than 4 terms are missing labels.	Most graphics are missing without labels leaving the reader to ask many questions.
The project displays full effort and not a rushed job.	The product appears rushed but it achieves its purpose.	The project is rushed and out of order.	The project is rushed and has no order.