Fundamental Questions of Economics Michael Quinones, NBCT

___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ APK: Activation of Prior Knowledge Write at least 3-5 sentences describing a time when… you received a gift or bought something you did not need, like or want after trying it out for a prolonged period of time [ a while]. Question of the Day How do consumers and businesses solve the three fundamental questions of economics?

Three Fundamental Questions What to produce? How to produce? For whom to produce?

Assignment: Explain each step of the process in detail so we know what you mean. Come up with a product idea [can be anything] What to produce? Make it something that you want or are interested in selling [33 points] Come up with a creative and effective way to make and/or sell it How to produce? [33 points] Decide who are the best type of people to sell your product to [kids, men, women, black, white, Hispanic, old, young, rich, poor, etc.] For whom to produce? [ 33 points]

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