1. Fundamental Questions of Economics Michael Quinones, NBCT www.socialstudiesguy.com

2. ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ 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?

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

4. 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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