1. “The Island”

2. The Scenario Your group have just been shipwrecked on a distant uncharted island.

3. There will be 200 people (100 men and 100 women, all adults) in your group. Your group is the “leadership group.” It will have some money ($100,000) just in case the group develop some form of trading system with other nearby islands. It is up to your group to develop an economic system (method used by society to produce and distribute goods and services) based on the assigned economic system. Your group will use the system to meet your needs of your group as you define them.

4. Island Features The island was an old abandoned Spanish colony
Island Features The island was an old abandoned Spanish colony. It had tools for farming in the abandoned buildings. It is a tropical island (average temperature 80°F) with rivers, lakes, and mountains. It has many sources of food (fruit trees and plants), fish, animals, and land for agriculture.

5. Procedures Step 1: The group will be assigned one of the four different economic systems: -Traditional -Central Planned -Free Market (pure market) -Mixed Note: Use the textbook to read the description of the economic system your group is assigned.

6. Step 2: Create a flowchart to illustrate the economic system
Step 2: Create a flowchart to illustrate the economic system. The flowchart will have the following titles: 1. Land (who will control it? Government or Privately owned) 2. Labor (government controlled or independent) 3. Capital (human/physical) – Will it be funded by government or entrepreneurs?

7. Create a flowchart to illustrate your new Economic System

8. Step 3: Write a group essay (400 words) that provides the details about the type of government and economic system it is using in the newly created island. It should answer the three listed economic questions?

9. Answer Three (3) Key Economic Questions with an essay: 1
Answer Three (3) Key Economic Questions with an essay: 1. What will be produced? 2. How will it be produced? 3. Who will make those decisions (government, individuals or a mix)?

10. Land 1. What natural resources will be used to produce goods?

11. Labor 1. What work must be done to complete your goals. 2
Labor 1. What work must be done to complete your goals? 2. List the kinds of jobs (workers) required to complete production? 3. Who should do these jobs (men, women, young adults)?

12. Capital (physical/human) 1
Capital (physical/human) 1. What kind of capital will be used to produce the goods? - Physical: building, tools, machines. How will this physical capital be funded (government or entrepreneurs)? - Human: training/education How will this human capital be funded (government or entrepreneurs)?

13. Items that will be submitted and presented for a grade: 1
Items that will be submitted and presented for a grade: 1. Essay (400 words) Each member of the group must show they contributed to the essay. 2. Flowchart (1 per group) 3. Group presentation of their island’s economic system.

14. Groups
1 & 5-Traditional Economy 2,6,9-Central Planned Economy 3,7,10 - Market Economy 4 & 8- Mixed Economy