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  1. 1. Running in Place<br />Courtney Dierolf, Jack Robertson, Joshua Aragon, Jonathan Adams<br />
  2. 2. Econ Crash Course<br />Market Economy<br /><ul><li>Prices freely based on the laws of supply and demand.
  3. 3. No interference from the government.
  4. 4. Run by the market itself.</li></li></ul><li>Product Market<br /><ul><li>Mechanism that allows people to buy and sell products.
  5. 5. On a product market companies can sell finalized products to consumers </li></li></ul><li>Factor Market<br /><ul><li>Quantity factor and factor price are determined
  6. 6. Major factors of a factor market
  7. 7. Labor
  8. 8. Capital
  9. 9. Land and entrepreneurship
  10. 10. Labor Market- Human labor whose capital is based on ones skill. The price of labor is wage rate
  11. 11. Capital Market- funds firms use to operate production
  12. 12. Land Market- natural resources (water, gas, minerals, etc)</li></li></ul><li>Marketing Options<br />We will explain each option and in the end give our reasoning to you for which one is the best.<br />Unskilled Labor with out Beckett contract<br />Unskilled Labor with Beckett contract<br />Skilled Labor with out Beckett contract<br />Skilled Labor with Beckett contract<br />
  13. 13. Skilled Labor with out Beckett contract<br />More Expensive shoe<br />Better product<br />Appeal to avid runnersbecause they are willing to buy the more expensive brands of shoes<br />Wouldn’t sell to other people because of the cost<br />
  14. 14. Unskilled Labor with out Beckett contract<br />Make more shoes<br />Avid runners won’t buy<br />Cheaper shoe<br />
  15. 15. Skilled Labor with Beckett contract<br />More expensive shoe<br />Appeal to avid runners because they want good quality shoes and are willing to pay for expensive shoes<br />Willsell as much to other people because of the endorsement<br />
  16. 16. Unskilled Labor with Beckett contract<br />More profit because someone is endorsing it<br />Make more shoes<br />Appeal to people that care about endorsements<br />Cheaper shoe but someone athletic still endorsing it helps sell<br />Middle class families can buy it<br />Avid runners won’t buy because theywant higher quality shoes<br />
  17. 17. Reasoning for choosing unskilled labor<br />This would appeal to the lower and middle class families but definitely not the avid runners who not only want to but will pay $200 for a pair of shoes. These shoes can be sold at Napa Running store and Footlocker. <br />