Think about a product or a service that you would like to invent or improve that you think will be a big seller.Then, fill in the chart below.Be creative, yet realistic!

Describe your product or service.

What will you name your product or service?

List two land factors of production that will go into making your product or service.

List two labor factors of production that will go into making your product or service.

List two capital factors of production that will go into making your product or service.

In the previous task, you came up with a creative idea that has the potential to be a big success.Now it's time to think about the supply and demand of your product or service.Also, think about how you will price your product or service.Recall what you've learned about supply, demand, and prices in this unit.Then, complete the chart below.

In what type of economy (traditional, command, mixed, or market) would you have the potential to make the most money? Why?

How much do you think you should charge for your product or service? Why?

If you increase your price in three weeks, what will likely happen to the quantity demanded for your product or service? Why?

If you decrease your price in three weeks, what will likely happen to the quantity demanded for your product or service? Why?

If in six months someone else begins to make a product or provide a service that is the same or very similar to yours, what might you have to do to your prices? Why?

If in six months someone else begins to make a product or provide a service that is the same or similar to yours, what might you have to do to the quality of your product? Why?

Once you've decided on a product or service and its price, think about how the government will impact the sale and production of your product or service.Also, consider how the sale and production of your product or service will impact the economy of the United States.Recall what you learned about international trade, economic measures, and government involvement in the economy.Then, complete the chart below.

In what type of economy (traditional, command, mixed, or market) will you be producing and selling your product or service in, given that you live in the United States?

Define the type of economy you named in your response to the question above.

List two possible regulations that the government may place on the production or use of your product or service. Why?

List one way you will interact with the government as a result of selling your product or service.

Besides the United States, list two other countries where you would like to sell your product or service. Why did you choose those countries?

Does the United States have any trade agreements with the countries where you want to sell your product or service? If so, what are the names of the agreements?

What do you hope your product or service will do to the gross domestic product (GDP) of the United States?

How will your product or service's effect on the GDP happen?