Basically, I have been shipwrecked on a desert island with 20 other students. The island has fertile lasnt, plentiful water, plant and animal life. We dont no how long we will survive, weeks or years.
'Write a creative account of the choices, problems, trade-offs and decisions facing me and my fellow islanaders. In this account demonstrate a full understanding of all introductory concepts of economics.
(This can be a story based account where i need to write about the economy that may begin on the island. For example, will the students go their seperate way or work as a team where everybody specialises in a different thing to help) what ever rout is taken i need to explain this full.
I have just started my economics course and this peice of work is going to be graded by the teacher. I need abit of help to get me going.
It would be much appreciated if you could help me!
All the teacher really wants you to do here is to use the basic tools of economic analysis to which you have presumably been introduced. In particular, you should recognise that there are always different options available. So make sure you get in examples of:
Scarcity and Choice
Methods of allocating scarce resources - ie. who gets what? Here, it is unlikely to be on the basis of price and the highest bidder - so look at possibilities such as rationing, first come first served, allocation by competition (fights?!) or by a committee, etc.
A Free Market, Command Economy or Mixed Economy - this relates to allocation of resources
Opportunity Cost - what is sacrificed if the islanders decide to produce/grow this rather than that (to include what is set aside for the future, and is thus unavailable for current consumption) - which links with:
Production Possibility Frontiers
Factors of Production
And then you could talk about:
Specialisation and the Division of Labour
and, of course, if they decide to build boats and to explore, the possibility of:
Trade with other islands (and the benefits arising out of specialisation on this basis)