Economics—The Big Idea Menu For this project, you will select ONE option to complete from each of the topics (basic terms, trade barriers, economic systems) so that you end up with 100 possible points. Basic Economics Terms (25 pts.) Supply Demand Consumer Producer Specialization Entrepreneurship Capital Goods Human Capital Natural Resource GDP Trade Barriers (25 pts.) Visual/Artistic Verbal Kinesthetic Create a set of flashcards including definitions and examples for each of the above economics terms. Write a short narrative (~1 page) which incorporates each of the basic economics terms in the correct context. It should be clear that you understand the meaning of each term. Write a song/poem/rap that incorporates all of the basic economics terms and their meanings. This should be written out as well as performed. OR Create a PowerPoint presentation which includes definitions and pictures for each of the above economics terms. Create simple illustrations or flow charts showing how tariffs, quotas, and embargos limit trade between countries. You should have one visual for each type of trade barrier. OR Create a triple Venn diagram comparing tariffs, quotas, and embargos incorporating reasons for using each. Include reasons each would be used. OR Make a crossword puzzle incorporating all of the basic econ terms; use definitions (in your own words) as the clues for the puzzle. OR Create a collage of images representing each of the economic terms. On the back of the collage, list the terms and write a 1-2 sentence explanation each about how the images relate to their associated terms. Read the article “50 Years After Kennedy’s Ban, Embargo on Cuba Remains”. In three full paragraphs, explain the reasons for the embargo, the intended consequences, and whether you feel it has been successful. Create a board game that involves players making various economic or political decisions; be sure to include tariffs, quotas, and embargos as obstacles with explanations of what each trade barrier does. Click here for article link. Create a comic strip which illustrates both the meaning of and reasons for using EACH of the following types of trade barriers: tariff, quota, and embargo. OR Write a 3-paragraph paper in which you fully explain the meanings of tariffs, quotas, and embargos. For each, include a real-life example of when a country has used the trade barrier against another, why the barrier was used, and what the outcome has been. OR Types of Economic Systems (50 pts.) Write a 25 item multiple-choice, matching, and fill in the blank test about the types of economic systems. Consider including terms related to these systems such as supply and demand, consumer, producer, and entrepreneurship. Also include two short essay questions requiring the test-taker to evaluate the systems and justify their reasoning. OR Create political cartoons for each of the economic systems (command, market, mixed, traditional). Be sure to make clear who is making decisions about production and consumption, and highlight any pros or cons you consider important. Country Comparisons (50 pts.) Conduct research to find examples of countries who exemplify command, market, and traditional economies. Write detailed paragraphs (812 sentences) describing each country’s economy by highlighting elements that represent their economic systems. Close with a paragraph describing what you feel is the ideal economic system. OR Write a speech designed to compel the people of a society to select the type of economy you feel is most effective. Make your argument by indicating the strengths of your system, and describe weaknesses of the other options. Create a propaganda poster designed to persuade the people of a nation to adopt the economic system you feel is the most successful by highlighting the benefits of that system using images and few words. OR Write and perform a skit (or create a movie) showing how one society would operate using each of the three economic systems as well as a mixed economy. The skit or movie should close with the system you feel is best and make clear your reasoning. -Nigeria & South Africa -Based upon the countries’ economic systems, natural resources, and the needs of their populations (demand for certain goods), create a company concept that could be successful in one of the countries. You will create some form of advertisement for your company such as a billboard, flyer, brochure, or commercial. -Write 8-12 sentences explaining all of the factors you considered which led you to select one country for your company over the other. Be sure to discuss how government would impact your ability to start a company as well as why the available resources and consumer demand helped you decide what to produce.