PARTICIPATION IN THE ECONOMY

Everyone you know is a participant in the economy.If they buy goods and services, then, they are consumers.When they supply goods and services, they are producers or entrepreneurs.If they supply labor, then they are part of the workforce.In this project, you will examine the roles played by each member.

OBJECTIVES

• Identify the economic roles played by each member of a group, including consumer, supplier of goods and services (producer or entrepreneur), and/or supplier of labor (worker).

Materials:

For this project, you will need:

Computer and/or paper and pencil

Project Steps:

Different economic roles exist in the economy.Consider the economic roles that influence your life.make group of individuals, including yourself, to complete this project.

Record each group member's name and title (e.g., Mom, Dad) on a piece of paper.Don't forget to include yourself.

For each person, consider the role that person plays in the economy.Is the person a consumer, a supplier of goods and services (producer or entrepreneur), and/or a supplier of labor (worker)?Members will play more than one economic role.For example, your parent may be both a supplier of labor and a consumer. Record each person's role in the economy.

If a member is a consumer, answer the following questions for each member to support your claim:

1. What types of goods and services does this member buy?
2. Where are these goods and services being purchased?You can provide answers, such asstoresor be more specific.
3. What do you think are the member's incentives for buying these products?

If a member is a supplier of goods and services, answer the following questions for each memberto support your claim:

1. What goods and services are being provided?
2. Who is consuming the goods and services that your member supplies?For example, if your parent owns a pizza store, then food customers are consuming your parent's products.
3. What do you think are the member's incentives for supplying these products?

If a member is a supplier of labor, answer the following questions for each member to support your claim:

1. What kind of labor, or work, is being supplied?In other words, what is the member's job?
2. What type of company or employer does the member work for?
3. What are the member's incentives for working?

Note:If a group member plays more than one economic role, then you will have to answer the set of questions for each role.For example, if a member is both a worker and a consumer, then you will have to answer the set of worker questions found in #5 and the set of consumer questions found in #3.

6.Now that you have done your research, you will present this information as a story that describes a day in which each member of your group takes actions that show their role or roles in the economy. Be descriptive, mention where they might buy something, what service they might be performing, who they interact with and those people's roles.

Your goal is to make your narrative in a meaningful and engaging way.

After you have created your narrative, submit it in the space below.