Chapter One Project T-Shirt Business

Creating a T-Shirt Company Over the next five periods, you and your groups will be creating your own T-Shirt business Project will culminate on Friday 9/26 and Monday 9/29 when we go to computer lab to create report Directions for each day will be on the slides.

Part I – Identifying the Factors of Production Determine the factors of production used to produce a good Discuss land, labor, capital, and entrepreneurship that would be required to establish a business that designs and sells t-shirts. Brainstorm all ideas and write everything down. Be as thorough as possible when brainstorming your lists. Use completed lists to write a brief report summarizing the factors of production needed to start this business

Part II– Identifying the Basic Economic Concepts Answer the following questions: Are you producing a good or service? If it is a good, is it durable or non-durable? What consumers will you target with your product? Describe the value of your product Describe three ways in which in which you can increase your business’s productivity and achieve growth What other kind of businesses will you need to depend on to make and sell your product?

Part II– Identifying the Basic Economic Concepts Compare your answers Compare answers with another groups answers Revise if needed

Part III - Evaluating Trade- Offs and Opportunity Costs Your t-shirt business must now start producing hats Compose a list of possible trade-offs associated with this decision. You will evaluate the opportunity costs associated with producing hats by making a production possibilities curve You will use data on next slide to construct the curve.

Part III - Evaluating Trade- Offs and Opportunity Costs T-ShirtsHats