PARAGRPAH 1 (DESCRIPTION OF YOUR ISLAND)
– Name of your island
– Location of the island
– Description of the physical geography and climate of the island.
PARAGRAPH 2 & 3 (FACTORS OF PRODUCTION)
Here you will define and explain how three of the four factors of production will be used on the island
– Land: Define, then identify 5 natural resources and explain how they will be used on the island
– Labor: Define, then explain 5 jobs/tasks people will do on the island
– Capital: Define, then choose 5 pieces of capital to bring with you for use on the island and
explain why you want each.
PARAGRAPH 4 & 5 (THREE BASIC ECONOMIC QUESTIONS)
– What will be produced? Identify what goods or services will be permitted to be produced on the
island. Anything they want? Only the necessities? A combination? Explain in detail.
– How will it be produced? Identify who will be in charge of producing those goods and services.
You? A governing body? The people? A combination? Explain in detail.
– Who will get what is produced? Identify how people will obtain these goods and services. Based
on need? Based on contribution (trade)? A combination? Explain in detail.
PARAGRAPH 6 (BASIC ECONOMIC PRINCIPLES)
– Here you will identify three of the seven economic principles play a role in the creation or
execution of your economic system. Identify the principle and explain how you used it to make
decisions or how it plays a role in the system itself. Principles – Scarcity, trade-offs, future
consequences, incentives, marginal thinking, and cost v. benefit.
PARAGRAPH 7 (ECONOMIC SYSTEM AND REFLECTION)
– Here you will identify which type of economic system you have designed and reflect on that
choice. Which system most closely resembles the one you designed (lassaize faire, capitalism,
socialism, communism, or mixed?) Define that system and how your compares. Reflect on your
choice. Why did you choose that system? What was difficult about making these economic
decisions? What was simple about it? What role do you play in the system? Finally identify at
least 3 strengths and 3 weaknesses to the economic system that you created.
PARAGRPAH 1 (DESCRIPTION OF YOUR ISLAND) Must include: – Name of your island – L
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PARAGRPAH 1 (DESCRIPTION OF YOUR ISLAND)
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