Photo Essay ProjectAlyssa Likness

August 14, 2013

Restaurant

Restaurant

Goods and services:- Food- Beverages- Counter Service

Factors of production:- Building- Bread- Utensils/plates and bowls- Tables/chairs- Cashiers- Cooks- Manager- Ovens

Opportunity Cost:- Money it takes to buy a meal could be put towards gas.

Trade Off:- Starting a family

Grocery Store

Grocery Store

Goods and services:- Food - Ingredients- Kitchen supplies- Pharmacy- Personal hygiene supplies (toothpaste, toothbrush, soap, band aids, etc.)- Pharmacy

Factors of production:- Building- Food products (produce, dairy products, boxed items, etc.)- Managers- Cashiers- Pharmacists- Cash registers- Freezers- Carts

Opportunity cost:- Time spent shopping could be spent at home or at work.

Trade off:- Less time with family

Gas Station

Gas Station

Goods and services:- Gasoline- Snacks- Bathroom

Factors of production:- Gas pumps- Building- Corner lot- Attendant- Manager

Opportunity cost:- Carpooling with a friend

Trade off:- Going to college

Clothing Store

Clothing Store

Goods and services:- Clothes- Accessories

Factors of production:- Building- Manager- Cashiers- Mannequins- Clothes

Opportunity cost:- Money spent at the store could be saved and put towards college tuition.

Trade off:- Starting own business

Car Wash

Car Wash

Good and services:- Washing car- Cleaning inside car (vacuuming)

Factors of production:- Building- Soap- Water- Rags- Vacuums- Workers

Opportunity cost:- Washing car at home to save money

Trade off:- Less vacation time during the summer