Economics Spring 2016 Project

1. Photo Essay:
Thinking Like an
Economist
Economics Spring 2016
Lina Gu

2. Walmart Supercenter
 For its consumers, Walmart produces
a variety of goods such as groceries,
home décor, cleaning supplies,
clothing, and toys. Walmart also
provides pharmaceutical and photo-
developing services.
 Walmart’s factors of production
include cash registers, employees,
natural resources such as cotton,
machines, and buildings.
 Instead of going to Walmart, one could
have been studying for a test or
applying for a job opening.
 One trade-off of establishing this
business is that the managers could
have been reading books or relaxing
instead.

3. Publix
 Publix provides goods such as groceries, gift cards,
greeting cards, sandwiches, and toys for pets.
 Publix’s factors of production include cashiers,
vegetables, eggs, factories, buildings, and land.
 An opportunity cost of going to Publix is missing the
chance to go to Walmart or catching up on sleep.
 Instead of starting this Publix, the manager could have
been focusing on building his or her family.

4. Zaxby’s
 Zaxby’s provides foods, such as
chicken tenders, salads, and
sandwiches, and drinks for its
consumers.
 The factors of production for
Zaxby’s include cashiers, cash
registers, land, buildings, tables,
chicken, and fryers.
 One opportunity cost of eating at
Zaxby’s is missing the chance to
cook a meal and eat at home.
 A trade-off the manager made to
start this business is losing time
he or she could have spent with
his friends or family.

5. Top Notch Express Car Wash
 Top Notch Express Car Wash offers its consumers car
washes, oil changes, gift cards, interior vacuuming, and
wax treatments.
 Top Notch Car Wash’s factors of production include water,
soap, automated car wash machines, workers, vacuums,
and oil.
 Instead of going to Top Notch Car Wash, one could have
saved money and washed his or her car by hand at home.
 One trade-off the manager made in establishing this
business is losing or delaying the chance to pursue a
undergraduate or graduate degree.

6. Great Clips
 Great Clips provides for its
consumers hair cutting, beard
trimming, hair dyeing, and hair
washing services. Great Clips also
sells hair products, shampoos, and
conditioners.
 The factors of production for Great
Clips include the chemicals needed
for shampoos, dyes, and
conditioners, hair stylists, cash
registers, chairs, mirrors, combs,
scissors, and razors.
 Instead of going to Great Clips, one
could have gotten a family member
or friend to cut his or her hair free of
charge.
 A trade-off the manager of this
business made is losing or delaying
the chance to start a restaurant or
movie theater instead.

7. Kay’s Jewelers
 Kay’s Jewelers produces rings,
earrings, necklaces, bracelets,
watches, and personalized gifts for its
consumers. This business will also fix
broken jewelry for its customers.
 The factors of production for Kay’s
Jewelers include salespeople,
managers, cash registers, glass
displays, gemstones, gold, silver, and
buildings.
 The opportunity cost of going to Kay’s
Jewelers for a gift is losing the chance
to make a homemade gift by hand and
save money.
 Instead of establishing this business,
the manager of Kay’s Jewelers could
have been pursuing a career in
medicine or travelling the world.

8. Furniture Mart
 Furniture Mart provides for its consumers home decorations,
couches, beds, dining sets, lamps, pillows, chairs, and
fireplaces.
 Furniture Mart’s factors of production include employees,
managers, wood, cotton, cash registers, land, and buildings.
 Instead of going to Furniture Mart, one could be at work or
catching up on sleep.
 When the manager established this business, he or she
traded the opportunity to relax at home or play sports.

9. Peachwave Frozen Yogurt
 Peachwave provides its costumers
with bubble teas, smoothies, slushes,
frozen yogurts, and an assortment of
topping including peanuts and gummy
worms.
 Peachwave’s factors of production
include a manager, cashiers, tables,
chairs, cups, spoons, milk, yogurt
machines, blenders, land, and building
space.
 Instead of going to Peachwave, one
could have gone to get ice cream or
chosen a healthier snack such as an
apple.
 By starting this business, the manager
lost or delayed his or her chance of
starting a family or continuing his
education.

10. Shell Gas Station
 Shell Gas Station provides
costumers with an opportunity to
refill their gas. Also, this gas
station sells goods such as
snacks and coffees.
 The gas station’s factors of
production include gasoline, gas
pumps, cashiers, managers,
buildings, and land.
 Instead of getting gas at Shell,
one could have taken public
transportation or walked.
 By starting this business, the
manager traded time that he or
she could have spent pursuing a
college degree or starting a
family.

11. Sources
 http://clickforkesem.org/quantum-economics-philosophy-of-the-
economy/
 http://www.myaugustadowntown.com/properties.shtml
 https://www.tilt.com/tilts/walmart-5d8d3a0f
 http://collegecouncil.emorycampuslife.org/experience_shuttles/walmart-
dekalb-farmers-market-shuttles
 http://salvationarmyorlando.org/publix-super-markets-charities-awards-
the-salvation-army-of-orlando-with-20000/
 https://www.zaxbys.com/
 http://descargargratis.download/car/car-wash-building-design-design-of-
the-car-wash.html
 http://www.entrepreneur.com/business-opportunities/32896
 http://www.brides.com/engagement-
rings/photos/kayjewelers?primaryfacet=designer
 http://www.shopgreenhills.com/directory/kay_jewelers
 http://www.thesofastoreusa.com/
 http://froyogirl.blogspot.com/2011/08/inside-swirl-peachwave-frozen-
yogurt.html
 http://www.foothillsbuilders.com/retailRestGallery.html
 http://www.nj.com/hudson/index.ssf/2010/08/jersey_city_police_say_thu
gs_h.html