Evaluation of Your Island Economy
SHOW YOUR UNDERSTANDING OF KEY ECONOMIC CONCEPTS BY CLEARLY AND SPECIFICALLY ANSWERING THE FOLLOWING:
1. Describe your group's economic plan BRIEFLY by listing the following:
a. economic and/or socioeconomic goals
b. goods and services produced; methods of production and distribution employed
c. use of land, labor and capital.
d. whether and which basic needs will be guaranteed for all.
e. where decision-making authority lies.
f. level/degree of government involvement
2. Is your system more capitalist or socialist? What type of economic system(market, mixed or command)? Explain referring to evaluation list (items a f above).
3. Are there any Buddhist or subsistent characteristics to your economy?
If yes, explain which characteristics. If no, explain characteristics that could have been included to make it more Buddhist or subsistent. Be specific.
4. Explain the opportunity cost of pursuing any one of your goals.
5. How do economics and ecology interact in your island society? Are they in harmony or conflict? Explain using specifics from your island economy, particularly use of natural resources and the concept of scarcity.
6. Which problem did you have to address in your island economy? How did you respond? How was it consistent or not with your economic system described above in question #2? Be specific.