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The Four Basic Economic Questions
Transcript of The Four Basic Economic Questions
- Because we have labor available...we haven't done candy sales, because we don't have candy
- The opportunity cost of doing a car wash over a candy sale is the money raised from a candy sale Question 2: For whom to produce? - This topic focuses on knowing your market.
- Your not going to make fur coats and sell them in New Orleans...it's too hot, they won't sell
- If i have a vegetable sale at Sci-Tech I won't make money, but if I have a candy sale I will...know your market Question 3: How to produce it? - After you decide what to produce, you must decide how to produce/make/acquire it.
- In my example, I decided to go to Sam's Club and get the 360's Question 4: How much to produce? - To decide how much to produce, you must consider your resources * Remember, producing something costs money or labor Create 2 fundraisers. Make sure to answer the 4 economic questions for each of them.