Civics_Ch10_webquest

=**Economics Web Quest**=


 * Task:** Welcome to the world of Hill-conomics! Boss Hill is looking for a crew to open a new factory. The problem Boss Hill is facing is he's not sure what type of factory to open. That's where your group comes in. Your group has the goal to be appointed to lead the new factory. Your group will be competing against other groups for the opportunity to be in charge.


 * Process:** Your group will need to give a sales pitch to Boss Hill on your group's idea for the new factory. Your group needs to figure out what you're going to use the factory for. You need to come up with a new idea, something no one is currently doing to earn a living. Go through the web quest to create your idea and sales pitch.


 * Steps:** Follow the steps below.


 * First step is to understand needs and wants. A need is something the people can't do without. For example, we all need food, air, and shelter. A want is something people would like to have. For example, I want Chinese buffet (little bit of General Tzo's chicken with some steamed rice...yummy!). **(1)** Are you going to develop an idea for a factory that will earn money from customers' needs or wants? Why?


 * Second, you must understant goods and services. A good is something that is made, such as an automobile. A service is something people do for work such as an auto mechanic. **(2)** Is your group going to produce a good or be involved in a service? Why?


 * Now, you need to explain what your factory is going to do. **(3)** What does your group aim to do in terms of the factory? Why do you think this is an idea that will earn a profit? What is profit?


 * You're going to need to make sure the factors of production are taken care of in your factory. **(4)** What natural resources (raw materials found in nature) do you need? **(5)** What capital will you need (capital includes land, buildings, tools, or anything used to make a good or conduct a service)? **(6)** You'll need labor, or workers. Will you require any skills in order to be a worker? **(7)** Your group will be the entrepreneurs, the ones who organize, manage, and assume risks of a business but also earn the profits. Why are entrepreneurs important to our nation?


 * Okay, you have your idea and you know what you need to put your idea into action. The problem is, you need cash. You can use Boss Hill's factory, but there's a fee. You need cash immediately to purchase your other capital and pay your employees. You decide to sell shares of your company to people willing to invest. This is good for you because you'll get cash immediately and good for investors if you're business is successful your investors will make a percentage of your profits and in turn invest more money in your business. **(8)** What are these shares called that people can buy into a company? **(9)** What are the payments called that shareholders get when the company is making a profit?


 * As you know, America has a mixed economy, which means we have private ownership of business and property, while the government has some involvement in terms of regulations. **(10)** As a business owner, do you want government to have more or less regulations (more regulations mean government has more of a say so as to how to run your business, less government regulations mean you have more freedom to run your business as you see fit)?


 * Now you have to market your good and prepare a sales pitch for me. Assign one person from your group who will give the sales pitch to me on the next school day 2nd period.


 * Conclusion:** On your own, answer the thinking critically questions below. If you're running low on time, print out the questions and answer for homework.
 * 1) Based on your work, what is economics?
 * 2) As the owner of a business, what is your goal?
 * 3) What incentive is there for you as a businessman to take a risk on starting a business because you're not guaranteed to have success?
 * 4) As a businessman, would you favor higher taxes on businesses that earn more money or less taxes to allow your business to hire more people and/or expand?
 * 5) Why can you raise the price of your good or service if more people demand to have your good or service?
 * 6) Why would you have to lower the price of your good or service if you have more available than people want?
 * 7) How do you have economic freedom(s) in terms of your business?
 * 8) You had to market your good or service. What is the goal of marketing a good or service?
 * 9) In our system of economics, how does hard work pay off? How is this different than socialism in which the government controls the economy and everyone makes the same amount of money regardless of how hard they work?
 * 10) If the time would come to allow you to relocate your business, where would be the best location? Why?

Overall, why is American economics fair? Answer in a paragraph

Back to Civics Ch. 10 page