Christmas market reflection:
The Process:
the first thing we had to do was find an idea for the Christmas market. Our first idea was to make Pokémon keychains, but that didn’t work out because we didn’t have the required skills or tools or know how to make them, our second idea was plushies but that also didn’t work out because we didn’t have the skills and we would have been short on time, then our third idea was hacky sacks this worked out, we all had the required skills, and it was within our budget. We spent all of our money on materials to make our product and we spent most of our time making the products When not making products we were working on our excel spreadsheet (below) or working on our logo, we had many different logos but the one we chose is below.
Making choices:
The first choice we had to make was the product we ended up choosing hacky sacks as our final idea, our other ideas were plushies and Pokémon key chains. They didn’t work out because we didn’t have the required skills or tools, it wasn’t within our budget, or it was not in our time frame. We also had to choose our logo because we all made different logos and then we couldn’t decide on one of the logos, so we made more until we finally chose the above one.
Scarcity
One of the fundamental ideas in economics is scarcity. It indicates that there is a gap between the supply and demand for an item or service. As a result, scarcity may restrict the options accessible to customers, who in the end drive the economy. Understanding scarcity can help you better grasp how commodities and services are valued. Gold, diamonds, and specific types of knowledge are examples of scarce things that are more valuable due of their scarcity since sellers may charge more for them. These vendors are aware that they may find customers at a higher price since there is a greater demand for their product or service than there is supply.
Specialization and trade:
Specialization:
In order to increase efficiency, specialisation is a method of production whereby an organisation concentrates on producing a small range of items. For instance, many companies specialise in providing local products and services that are traded for products and services from other companies of the world.
Trade:
The voluntary exchange of commodities or services between various economic entities is referred to as trade. A transaction will only take place if both parties believe it will advance their interests, as there is no duty on the part of the parties to trade.
Economic learning:
In our pro learned how to calculate profit, percentage markup and lots of different pricing methods. In our group we used the method of cost-plus-margin which means that we would find the cost of our product and add the amount of profit we would like to make, in our case the amount of money we would like to make was 30 dollars or above. Our percentage markup was the percentage of profit that we would have made if all of our products were sold. During the Christmas market we sold a total of 16 hacky sacks that made our total profit 18$.
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