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The Lorax

By: Katie Rogers & Meredith Thompson

katie rogers

on 20 December 2012

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Transcript of The Lorax

The Lorax By: Katie & Meredith Business Organization Specialization Labor positions GRAPHS Medium of Exchange Sole Proprietorship Factors of Production Pure Monopoly demand curve price graph Thneed Production . Thneed is a product with no close substitute
Limited location of Tuffula Trees prevents other
firms from entering competition
Once-ler is able to set the price
There are many buyers in a monopoly Individuals own and manage business
Responsible for all business transactions
Personally responsible for all debts and liabilities
Can own the business for any duration of time and sell it whenever desired
Pays taxes on income from the business as part of his income tax payments In order to hear the Once-ler's story, one must give him a nail and the shell of a great-great-great-grandfather snail as payment, along with fifteen cents. At one point a thneed was distributed in person, later they were distributed from the factory in wagons across the country. They were also shipped. To help consumers purchase thneeds, the government can set a maximum price of $6.00. This will be the price ceiling. This will allow the thneeds to not become set at too high of a price, so consumers will not struggle to buy the product. Thanks for watching mrs. T (: Land-truffula trees, truffula fruit
Labor- cutting down the truffula trees, assembling thneed production, knitting thneeds together, the Once-ler family
Capitalism-axe, knitting needles, Super Axe-hacker, factory, Gluppity-Glup, Schloppity-Schlopp
Entrepreneurship- The Once-ler Allocation of Thneeds Price Ceiling chopping tree's
knitting thneeds
selling our market graph is on a piece of paper!
Full transcript