Economic Project Rubric and Examples

This is a two person group project in which you will create a product that you would sell. You can do anything from a food item to a product that you make by hand or something that already exists. An example would be to cover a box of cereal with construction paper, rename the product and sell it as your own. The most important part of this project however is answering the question in the rubric and explaining your answers adequately and fully.

Rubric (25 Summative points):

Project is due:

  • Create 3-D model of your product or bring in your actual product, I’ll leave that up to you. _____ 2.5 points
  • Describe your product and why you want to sell this good or service. Is it a want or a need? Why would consumers buy your product? _____ 2.5 points
  • Choose one of the three markets that you will sell this product. Also, include why you chose to sell your product in this market vs. the others. (compare and contrast the benefits or downfalls of selling this product in different markets.) ____ 5 points
  • What resources do you need in order to sell this good or service? _____ 2.5 points
  • Describe the tradeoff of your product vs. other products. _____ 2.5 points
  • Describe what utility your product has and there will be a diminishing marginal utility. _____ 5 points
  • ­­­­Explain how cost and price of the product contribute to your profits and what those profits are. _____ 5 points
  • Is your product one that is a specialization? Why will consumers choose your product over other suppliers? What are suppliers and consumers? _____ 5 points
  • Explain whether there will be a shortage, surplus, and how equilibrium price effects your product. _____ 5 points
  • BONUS: For projects that go beyond the rubric and show extra thought and creativity. ____ 3 points