Economics Summative Task

Directions

1. You will select 1 product to use as your example on this assignment.
2. Use this product when answering the questions.
3. Answer the questions to the best of your ability based on your product and your prior knowledge from class.
4. If there is certain information that you need to look up about your product (such as the materials that it is made of) that is okay, but everything on the slides must be in your own words!

Choose 1 item below to use as your example for this assessment.

Body Armor Sports Drink | Yo-Yo | Hammer | Airpods | Tennis Shoes | Notebook | Cereal (Lucky Charms)

Select the item you will use as your example for this assignment.

4 Factors of Production

How will you use the factors of production in creating/producing this product?

Land: How will you use land in creating/producing this product?

Labor: How will you use labor in creating/producing this product?

Capital: How will you use capital in creating/producing this product?

Entrepreneurship: How will you use entrepreneurship in creating/producing this product?

Choices/Opportunity Cost

What would the opportunity cost be of making your product? What would you be 'missing out on' in order to produce this?

Why might you need to settle on producing one type of good/service instead of all of the options? What problems would force you to do this?

Supply/Demand

How will you know what the starting price of your item should be? Explain the relationship between supply, demand, and price that you will have to consider.