Reference no: EM133363853

Question: Create a potential product to sell in your region ' Devise a basic business plan to help you consider costs and profits Vocabulary: Break even: In business, this occurs when the profits are equal to the costs. Pro?t: Financial gain. when income exceeds expenses. In?ation: A sustained increase in prices over a period oftime as the purchasing value of money decreases. De?ation: A sustained decrease in prices over time as the purchasing value of money increases Instructions: Using the principles from this unit, develop a product that you could sell. Be as creative as possible! Design an image or flyer for your product or service. After creating the flyerfimage of your product, use the Internet and online sources to answer the prompts below: ' Is there supply and demand for this item or service? Why or why not? I What is the cost to create this product? How much do you need to charge to make a profit? If inflation or deflation occurs, what happens to the price of your product? ' Who do you think the consumers will be for this product? Consider what types of media you might use to advertise our product or service (ex: social media, newspaper, TV ad). 0 What natural resources or capital do you need to produce this product? ' Will you need a labor force or specific technology to help you create or sell this product or service?