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Business Interview Assignment

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Local Business Interview Assignment: (40 points total)
Identify a business that is important in your area. Call the business and set up a time to interview either a manager or an owner. Introduce yourself as a student and tell the businessperson that you are learning about basic economic concepts for your high school economics course, and that you would like to ask them a few questions regarding the business. *Note: Be sure to interview someone who has been employed at the business for a substantial amount of time, so that they are able to adequately answer the questions.
Conduct a brief interview with him/her asking the questions below, and recording your answers.
You can type on this template and resave it OR make a new one of your own. …show more content…
If the interviewee should need further clarification on the concepts, be prepared to share that information as necessary.
***********************************************************************************************
Name of business: Dave’s Goods Name of interviewee: Dave Stebbins
Student’s Name: Michael DeFiori Date of interview: February 5th, 2018 (5 points)

STUDENT: What are the factors of production? (List and explain). (9 …show more content…
(9 points)
“My personal property acts as Land in this situation. Since I work alone, I serve as the labor and as the entrepreneur, because I own the business and make the decisions. I distribute food items to other companies so the food items being distributed represents the capital.”

STUDENT: What is scarcity? Give an example. (2 points)

How limited an item is in the market is scarcity. An example includes diamonds. Since the market is limited, or scarce, the price of a unit of diamonds increases per how scare the diamonds are.

INTERVIEWEE: Describe a time that the business was affected by scarcity: (5 points)
(For example, a fast food restaurant may have had a decline in sales because of a shortage of potatoes).

“One time, I did not order enough goods to distribute. This affected me greatly as I ran short for some orders.”
STUDENT: What is opportunity cost? Give an example from your life. (5 points)

The value of the next best alternative that would be given up. An example from my life is homework compared to hanging out with friends. More time I put into one, the other loses that time put in. The time lost is the opportunity

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