By Dustin Matty
D.8.2 Identify and explain basic economic concepts: supply, demand, production, exchange, and consumption; labor, wages, and capital; inflation and deflation; market economy and command economy; public and private goods and serviceD.8.1 Describe and explain how money makes it easier to trade, borrow, save, invest, and compare the value of goods and services
Standard #1 Explanations of Economic Terms
My goal was to explain the different economic terms.
The lower the supply and higher the demand the higher the price.
The higher supply and the lower demand the prices are lower the price.
Production is making the product.
Exchange is moving it from the factory to the stores.
Consumption is people buying it.
Labor is physical work that goes into manufacturing.
Wages are the monies earned from working.
Capital is money and assets the company owns. Assets s are things like buildings, machinery, etc...
Inflation is the increase in the cost of something.
Deflation is the reduction of the cost of something.
In a market economy supply and demand decide the price of something.
In a command economy the government decides the prices of something.
A public service is provided by the government.
A public good is clean water.A private good or service is provided by a privately held company such as a shoveling service or a farmer selling their produce.
Standard #2 Explanation of how Money Makes Things Easier
What kind of labor is needed to produce Air Jordan products?
Labor is-Physical work that goes into manufacturing.
People labor- Chinese citizens who work at the factory and are physically making the shoes.
Machine Labor- Machines that make the shoes and are designed to make different styles and are run by the workers in the factory.Nikes cost for labor is about 410 per pair.
What Air Jordan products are made?
Jordan makes basketball shoes like the “Flight”, Sweatshirts, long sleeve shirts, Hats (Beanies and flattops), everyday shoes (tennis Shoes), T-shirts, shorts, pants, jackets, flipflops, socks, backpacks, Basketballs, Wrist/headbands, and scarfs. They all have the Jumpman
Logo on them.
How have the sales of Air Jordan changed over the years?
$.3 billion increase2013-$2.2 billion
$.4 billion increase
$1.5 billion increase
What Jobs are related to Nike/Air Jordan?
At nike there is:
Digital and Tech-
Manufacturing and Engineering-
Marketing and communications-
Supply Chain-What they mean at Nike Jobs
What are the wages of the various roles in the Air Jordan business?
How has the economy affected the price of Air Jordan products?
The economy has liked the shoes(Demand) so if the demand is high they might try and raise the price and see how high people will buy them at. If it gets too high and people stop buying it they might go back down and find the right price so the economy's demand reflects on the price of the products.
What is the top selling Air Jordan Shoe?
The top selling shoe was the Air Jordan Retro XI(Gamma)
Units sold: 481,678Cost was$107.86
What was the most expensive Shoe?
The most expensive shoe was worn by Jordan in a game he had a flu but he played through it and he helped the bulls win with 15 points in the last quarter alone. The shoes are the most expensive and they cost $104,000.Resource