3/4/22 Weekend Homework

Read Section 3B pg 50 - 56

Answer the following Questions:

  1. What are the three functions of price?

  2. What is the economic definition of the word demand?

  3. What four conditions may change the demand for a product?

  4. Explain how prices act to transmit information.

  5. List five goods that you consider normal goods and five goods that you consider inferior goods.

Define the following terms:

  1. law of demand

  2. demand

  3. normal goods

  4. inferior goods

Product Development Project

  1. Develop a brand new product you want to manufacture and sell. (It can be completely imaginary)

  2. Define your chain of manufacturing. Where do your raw ingredients come from (List your raw ingredients)? Who is the manufacturer (if you aren't opening your own facility)? Who is the wholesaler and who will be the retail outlets (who will sell) for your product (ie. Walmart, gas stations, Best Buy, target etc)

  3. What is your selling price and how does the price change through each stage of manufacturing and selling?

Type all of this up in a one page format to turn in after your presentation of your product on Tuesday.

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