Suppose you are an adventurous entrepreneur who would like to start up your own business or organization. I want you to start brainstorming your idea for that business or organization. Not only am I interested in knowing about your product or service but tell me how it will be produced. Where will you get the inputs to production, the resources? Who are you making it for or providing it to? What kind of market structure will you be part of (perfect competition, monopoly, oligopoly or monopolistic competition?) Answer the following questions to get your business started. Remember it can be a service as well as a good. When writing up your answers, please use complete sentences and proper punctuation. Also keep your answers separated according to numbered questions below. This makes it easier for me to read - and that makes me happy. You can either type it up in a word document or put it together in a powerpoint presentation if you know how to do that. 1. What type of goods/service do you want to sell or provide? What is your objective in providing this good or service? Why do people need this? Or want this? Create a very clear idea of what your product is. Describe it in detail. Give it a name. Create a name, slogan, and logo (it can be a stock photo) for your business. 2. How does your business answer each of the 3 Basic Economic Questions of what to produce, how to produce, and for whom to produce? This can be the story of how your business got started. You can use real data or do some general research on the production process or best practices - be sure to cite your sources. You can also cite trends in the news or even just trends that you notice - these things will contribute to the demand for your good or service. 3. What are your factors of production? What land, labor, and capital do you need/will you use in your business? What kinds of skills will your workers need? What machines and buildings will you need? Do you need special land or property? Will it need to have any specific resources? Feel free to include pictures. 4. Describe the Market Structure you face - are you a perfectly competitive firm, a monopoly, a monopolistically competitive firm or an oligopoly? I want you to identify which market structure your firm falls into. You will want to make sure you know the differences between the different market structures. Look to your book, lecture and slides for resources. You will address this question by answering the following questions: a. Do you have competition? Who or what is your competition? How much competition is there? Are there many firms doing the same or similar things? Or not? b. Can new firms enter the market easily or do natural or artificial barriers block them? c. Are there any similar or alternative goods or services that consumers might choose instead (trade-offs and opportunity cost)? What are they? d. Do firms compete through price competition or non-price competition? Do they try to undercut each other with price cuts (think Coke and Pepsi) or do they compete through better advertising and improved products (think Android vs iphone)? e. How do you get customers to choose your product? f. Be sure to identify the market structure you think you'll be in based on the information you reported above.