Today we created a flowchart that explained the connections between natural resources, entrepreneurship, labor, and capital in an industrial economy. Tonight, read the excerpt from The Price of Everything. Answer the following questions in complete sentences on a separate sheet of paper.
1. Describe the process of creating a pencil.
2. How many industries are involved in the pencil making industry?
3. Predict: What might happen to pencils if the price of paint were to rise up 40%?
4. What can we assume about other industries if pencil making is such a complex industry?
5. Pretend that you run a company that specializes in creating pencils, what are certain things that you could do to raise profits (come up with 2 ideas)?
Modified Assignment:
Anwer questions 1 and 3 from above.
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