Fundamental Concepts Performance Task Students Name Period Date

Basic Info

My Product/Business is… Why is it important to the community? Several reasons…. Here are some pictures of what I envision my business to be

Scarcity

Problems with scarcity It would be nice if I could just produce infinite amounts of my product. However, scarcity can NEVER be avoided for several reasons………………….. I will face scarcity in many areas. Example

Scarcity Example 1 This is scarce because… How does this example of scarcity effect the business? One way I could try to minimize this is…

Scarcity Example 2 This is scarce because… How does this example of scarcity effect the business? One way I could try to minimize this is…

Scarcity Example 3 This is scarce because… How does this example of scarcity effect the business? One way I could try to minimize this is…

Scarcity Example 4 This is scarce because… How does this example of scarcity effect the business? One way I could try to minimize this is…

Factors of Production

What I’ll need 1st factor of production 2nd Factor of Production Example 1 Example 2 Example 3… 2nd Factor of Production Example 3…. MORE PICTURES! MORE PICTURES! MORE PICTURES! MORE PICTURES! MORE PICTURES!

What I’ll need 3rd factor of production Example 1 Example 2 Example 3… MORE PICTURES! MORE PICTURES! MORE PICTURES! MORE PICTURES! MORE PICTURES!

I could also show my factors like this Example

I am the entrepreneur I am the entrepreneur because… I am similar to some of these people (real life examples of people in your industry) because they also…

Role of Government

Government Regulation How does the government affect your business? What regulations affect your business? What economic system would your business most like to function in and why?

Specialization

Specialization How does your business specialize? How does the specialization of your business help you(the producer) as well as the consumers? How can you improve your businesses specialization?

Production Possibilities Curve

My PPC I will face multiple tradeoffs in my business. Here are some examples Example E vs F Example A vs B Example C vs D

Here is one tradeoff I can show on a graph called a… Option 1 For example, as I move from point A to point B… B Option 2

How can this business improve in terms of growth on that PPC?

Improving Productivity

Plan to improve productivity Even though I haven’t begun production, I already have a plan to get the maximum production out of my resources. I plan on getting the best technology because…. More importantly, I will spend time to educate and train my workers because…

Plan to improve productivity The specific types of technology I need are… Pictures pictures pictures

Plan to improve productivity The specific types education and training I need to consider are…because Pictures pictures pictures

Opportunity Cost Investing in Technology and Education comes at a cost For example….

Conclusion

Conclusion What are the most rational economic decisions your business should make and why?