Design an Economy Simulation •This project is worth 100 points. •It should be done as a PowerPoint or Prezi. If these options are not available to you please make other arrangements with me in advance. •This must be done individually. •Your grade will be determined by your explanations for your answers to the following questions. There is no right or wrong answer just a failure to know what you’re talking about. •My expectation is that you will explain the rationale for your choices thoroughly. Economic System • What will be the economic system you implement? – Your answers to the three economic questions. – Be sure to be ideologically consistent throughout. Supply • Will people be able to produce what they want, when they want or will you place restrictions on production? – Are there certain products you wish to encourage – Are there products you want to discourage – Are there products you want to ban Demand • Will people be able to purchase what they want, when they want (depending on cost)? – Will you require certain purchases – Will you restrict certain purchases – Will you ban products Price • Will prices be a result of supply and demand or will you place some price controls (which products)? Market Structures • Will you restrict monopolies to ensure competition? • If so, how do you define a monopoly? • Are there any monopolies that would be acceptable? Labor • Will you allow labor unions? What collective bargaining rights will unions have? • Are you going to have a minimum wage? Money • What will be the basis for your currency? • Who will be in charge of producing and monitoring your currency? Banking • What regulations will be placed on banks? Taxes • What is your philosophy regarding taxation? • What taxes will you charge? Government Spending • Will you have any social safety net programs (social security, medicare, TANF)? • What other areas will be important for government spending? • Any restrictions on government spending? Trade • Completely free trade or trade restrictions? Economic Performance • What will you consider to be the key indicators of your economy’s performance? • How will they be calculated?