Economic+Factors

= = = = Our product is and economic want because no one needs Ipod Skins, but everyone wants them. = = = = = = = = = = = Our Economic Factors =
 * 1)Economic Need or and Economic Want? **
 * 2)Factors of Production that might be used in the manufacturing process of our product: **
 * Natural Resource(s): Petroleum
 * Capital Good(s): Burners to melt the plastic and different mold to form our covers
 * Labor: Creative workers with experience
 * 2)Theory of supply and demand might affect your business: **
 * If you chose to limit the number of products that you made and offered for sale, therefore lowering the supply, would your product be worth more or less? Explain Our price would be worth more cause we wouldn’t have
 * If you decided to change your production levels for the next year, and chose to make a large number of products and offer them for sale, would your product be worth more or less? Explain Our Product would be worth less because we would have a lot of them in our inventory
 * If another company saw that you were having success and decided to begin making a very similar product, would the demand for your product go up or down? How might this affect the price you charged for your product? I believe that our customers would stay loyal to us and keep getting the best quality of Ipod skins.
 * 3) Our competition **
 * Skin it and Apple
 * Expansion, peak, contraction, though
 * 1) Expansion, Modest rise in GDP, profits, and employment. 2) Peak, Growth reaches its highest level, as do profit and employment. 3) Contraction, Growth begins to decline, as does employment. 4) Trough, Lowest point in the cycle with increased unemployment.
 * we would have to gather more & more plastic bottles & other types of materials for our Skin’ems