Unit 3 Microeconomics

Welcome to the Microeconomics unit, in this unit you will discover how free markets (like those within our free enterprise system) determine prices. This system has been around since civilizations existed, but wasn't described in full detail and examined until FA Hayek did in the 1920s.

The price system works on the most basic form of interaction between buyers and sellers, the principals of supply and demand.

For this unit you will have lots of choices on how you get to the end, some things are required, some things you may work on in small groups (no more than 3), and other things must be done individually. You will have 8 days to get the unit done, we will then review and have a test (where you get to show me what you learned through this journey). Here is the outline, each item listed has a filed linked to it for you to view or download and work on.

10 points - Unit Vocabulary*

          - 4 points for defining the terms

          - 6 points for creating a crossword puzzle using 15 of the terms

15 points - Video Questions*

          - You will find 4 videos to view on the iPads in class (or at home), each video either has a note sheet to fill in. This step must be checked by your teacher before you move on to any other options.

- To find the videos, go to mybigcampus.com, sign-in and join Mr. Poss' Economics group. Your teacher has the code needed to fully join the group. Once in the group, go to the resources tab, and find the Supply and Demand folder. There you will be able to see and watch the videos.

- Pick up the note sheet from your teacher, you are responsible for keeping up with these notes once you have them completed and checked off. You will find it useful to refer back to this information when completing other parts of your journey.
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15 points - Graphing Worksheet*

25 points - EconLab: Supply and Demand

- You will need to pick this up from your teacher.

15 points - Movie Poster

20 points - Supply/Demand Comic Strip

- You will need to pick this up from your teacher.

30 points - Write and Record a Song

40 points - Create a video or movie trailer

ALL POINTS EARNED WILL BE TOTALED FOR A MAJOR GRADE!!

In addition there will be a check point for the required assignments to be done to a satisfactory level by, this check point will be a minor grade. There will also be a unit test, a major grade.

Good luck and choose wisely.

International Business Project - Product Proposal

To submit your project proposal use the following link ...
Project Proposal

Hint: See the project proposal questions in the previous post, have the bulk of these typed out in your groups Google Doc, then copy/paste and edit your answers in the form.

International Trade Project

International Trade Project

In groups of 3 to 4 … (groups must be approved by your teacher)

Objective:  To gain an understanding of the limitations and advantages to having an international company and in doing business in other countries.

Assignment:

You will create a product proposal (major grade, will cover the bulk of your research) and sales pitch video or live presentation (two minor grades) using the following instructions

1. Create a product you would like to sell here in the United States and in another country (You will have to explain in economic terms why you choose this country, so think this through).  This product can be something “real” or something completely fictitious.

2. Decide which country you would like to market your product in and decide how to market the product both in the US and in the foreign market.  Please be sure to take into account the customs (What part of their culture will you be marketing too? Are their cultural taboos you need to be aware of?) in each country.  Come up with a marketing plan.  Explain the marketing plan

Resources to utilize:

http://www.mexconnect.com/articles/3194-comparing-cultural-differences-mexico-with-canada-and-the-united-states

http://www.executiveplanet.com/index.php?title=Main_Page

http://www.getcustoms.com/

3. Decide where you want to make the product.  Taking into account the business environment and restrictions/limitations on imports and exports to and from your country and the United States.  Be able to give a comparative or absolute advantage explanation for your decisions.   These will need to be written out and explained in economic terms.

Resources to utilize:

Business Environment

http://www.state.gov/r/pa/ei/bgn/

http://www.economist.com/topics

http://www.worldbank.org/data/

http://www.imf.org/external/country/index.htm

http://www.worldfactsandfigures.com/

http://www.nationmaster.com/index.php

Trade Regulations

http://www.aseansec.org/

http://www.apec.org/

http://www.caricom.org/

http://www.mbendi.com/cb17.htm

http://europa.eu/old-address.htm

http://www.rau.edu.uy/mercosur/

http://www.nafta-sec-alena.org/

4. Price the product here and in your foreign market.  For this you must research exchange rates and determine prices based on current exchange rates! This will need to be written out and explained. Also take into account production costs, to stay in business you will need to price your product so people can afford it and you can make money (or profit).

Resources to Utilize:

http://www.xe.com/currencyconverter/

http://www.x-rates.com/

http://www.oanda.com/

http://fx.sauder.ubc.ca/currency_table.html

http://www.euro.ecb.int/

5. Pitch your product.  You will make a marketing pitch for your product.  You are trying to get me to invest in your product.  Give me the information I need to know to invest.  (why this product, why this location, why this market?) (Will count for two minor grades) This is NOT a T.V. commercial for your product. Your teacher is a multi-millionaire looking to invest, tell us why we should invest in your company and product. Think the T.V. show Shark Tank.

a. This presentation can be live or a video

b. It must be no more than 3 minutes long.

c. Must include all members of the group (either physically seen or heard.)

d. Must, as always, be classroom appropriate.

Product Proposal: This will be completed in a Google Form, link will be provided later. These are the questions to consider in your proposal. Remember this is a formal proposal so use complete sentences and check your spelling!

1. What is your product?  What is it called and what does it “do”?

2. Where, besides the US are you going to market your product?

3. What are the customs you need to be aware of in the country you listed above?

4. What is the marketing plan (are you going to do commercials, newspaper ads, internet ads, using famous people, famous characters)?

5. Where will you make your product?  Explain the comparative or absolute advantage to that location.

6. Price the product here and in your foreign market.  What are the exchange rates.

7. Pitch your product.  Give a general outline for how you plan to pitch your product. Outline your video here.