question archive I have to take these economic concepts and apply them to a nhl game

I have to take these economic concepts and apply them to a nhl game

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I have to take these economic concepts and apply them to a nhl game. I don’t understand
 

In the past students have used Harry Potter and the Sorcerer's Stone or Monster's Inc. for this project. Last semester students used a gymnastics competition and a NHL same.

Here are some examples of how this is done. Let's say | want to look for the factors of production. You would pick a business in the movie (Olivander's Wand Shop) then you would list the land, labor, capital, and entrepreneur for that business-Mr. Olivander is the entrepreneur, land would be the wood and feathers that go into the wands, capital would be his store, and labor would be Mr. Olivander selling the wands. One more example of this is could be Harry's owl, Hedwig. The Hogwart's students can have either an owl, toad or rat for a pet. If Harry had not been satisfied with the price for Hedwig, the other two kinds of animals could be a substitute.

For Monster's Inc, if we were looking for a substitution we could logically say that laughter became a suitable substitution for screams. If | was looking for specialization of labor we could say that Sully specializes in making kids scream.

Do not use the same item for more than two concepts.

Be sure to email three movie or two sports events choices on this to me ASAP (this is a requirement). | will let

you know which one | would like you to use.

Then, watch your movie or event and find your concepts. Once you believe you have a concept in the movie or event tell me how it fits that concept (complete sentences, please). All of these concepts are something you have worked on so far in this class. All of these concepts happen around us all the time. You've had lots of practice relating these to your real life. If you need help, please ask!

| This is worth 20 pts. Be sure to explain how your item fits with the concept. Go back to your modules if you have forgotten what soive of these are. This is due November, 15th. If you are going to need an extension, keep in mind that unit assessments are only open for two weeks. Use your time wisely. –

below for directions acd evamcles.

1. Opportunity Costs

2. Name two products being supplied

3. Name two services being supplied

4. Name two products being demanded

». Name two services being demanded

6. Shortage

7. Scarcity

8. Substitutes

9. Complements

ve QO. Specialization of labor

. 1. 3 determinants of demand

eck-in 2. 3 determinants of supply

tions 3. elastic demand

4. inelastic demand

5. According to your “Story of the Monetary Policy,” does this economy have a healthy economy? How do you know?

6. Amarket

7. Afactor market

8. Land

9. Labor

'O. Capital

'1. Entrepreneur

‘2. A product market

13. Equilibrium

'4. What is produced?

‘5. How is it produced?

‘6. For whom is it produced?

'7, What economic system does this society have? How do you know?

'8. What 3 economic goals are being represented in your movie or sports event? How do you know? |

pur-new-sol

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