Question

Record each group member's name and title (e.g., Mom or Dad) on a piece of paper. Don't forget to include yourself. For each person, consider the role that person plays in the economy. Is the person a consumer, a supplier of goods and services (producer or entrepreneur), and/or a supplier of labor (worker)? Members will play more than one economic role. For example, your parent may be both a supplier of labor and a consumer. If a member is a consumer, answer the following questions to support your claim: What types of goods and services does this member buy? Where are these goods and services being purchased? You can provide answers, such as stores or be more specific. What do you think are the member's incentives for buying these products? If a member is a supplier of goods and services, answer the following questions to support your claim: What goods and services are being provided? Who is consuming the goods and services that your member supplies? For example, if your parent owns a pizza store, then food customers are consuming your parent's products. What do you think are the member's incentives for supplying these products? If a member is a supplier of labor, answer the following questions to support your claim: What kind of labor, or work, is being supplied? In other words, what is the member's job? What type of company or employer does the member work for? What are the member's incentives for working?

Answer 1

Let me write asample. Take a family of three members,Joe Molly and Jimmy.

Joe, 45 years old, enginner

Molly, 42 years old, teacher

Jimmy, 10 years old, student.

Joe is a consumer and a suplier of work; as a consumer he buys things for the house, he buys clothes, food, entertainment, he buys fuel for his car, the insentive is to raise Jimmy, give him the best and provide comfort for the three of them. As a supplier of work he works for company X, which is a (for example) automobile company, there he works on projects, helps his team develope new equipment, the incentive to work comes not only for the money but also for the pleasure of developing new devices and using the best of his creative power.

From this you can work out what to do with your own family, as the task asksyou, you will have to write for each member of the family, in Jimmy's case in the sample, he is only a consumer and goes to school.