Economics

You are stranded on an island. You will illustrate how you met your needs and wants.  How did you survive off of the land?  You must be able to find sources of food, water, shelter, and clothing.  You must explain how you turned natural resources into final, finished products.  (You don’t eat a live cow; you need to explain how you turned that cow into a hamburger which is a finished product).  You are showing how people made that hamburger—how it started from a cow, wheat field, and vegetables, then being grilled, and ending up as a finished burger.   You must have 2 sources of clothing, 1 source of water, 1 type of shelter, and 4 sources of food.  The purpose of this project is to show where things come from. 

Then, you are to create your wants.  These are things that make life easier, and fun because you are not going to spend all your time working.  You are to create your sources of entertainment.  You must have 8 “wants”, and again you must explain how you created the finished products  (the tree is not your want, but a surfboard, or a hammock is).

Part II:  Factors of Production Chart

You are to create a chart explaining the Factors of Production:  What was the land, labor and capital that went into producing your product?

Product	Land	Labor	Capital
Hamburger	Cow, Wheat, Tomato	People slaughtering and milking the cow, growing the wheat & tomatoes, grilling the meat	Knife, bucket, shovel, grill, fire

Part III  Presentation

You will then present your island to the class stating the needs and wants for your island and describe the factors of production to the class.  You must be able to explain what the factors of the production (land, labor and capital), that went into creating your needs and wants.  In other words you have to explain how you made everything.  Nothing is imported.