During this simulation, different groups took the role of producers, and were tasked with inventing something that we thought could be sold. Each group had a set number of resources that we could use. They would use these inputs to invent something that they think people would want to buy. The invention would sell for $5, so the unit cost should stay under $5 so as to gain an income. When each group has created their invention, while accounting for the resources used, a sales pitch is given to advertise the product. The audience, being the consumers, then decide on one invention to buy, and buys it in a simulated marketplace. Based on their sales and their inventory, each group then calculates the resulting profit or loss.

My group, MARK, had a total loss of 2$. The unit cost of our invention, the Rubber Bandilooginator, is $4.25. We had decided to produce a quantity of 4 of the product, the cost of production being $17. Unfortunately, only 3 were sold, giving a total revenue of 15$, less than that of the total cost.

This simulation was an example of production and consumption in a marketplace. The first part was production. We can bring in entrepreneurship, because an invention was an idea and is now a product, a good, that can be sold. Resources were used to produce the good. The second part involves consumption, and creates a simulated marketplace. First, a sales pitch was given to entice the audience, the consumers, to buy the product. The consumers buy their chosen good, and groups calculate their Total Revenue, and use the total cost to determine a profit or loss.

One concept that was not covered are services. Services is a product which is not a good. A service is a task that is done by someone for the consumer.

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