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This island is known as The Farnnigan Skerry. An Island in the Northern Atlantic ocean, sandwiched in between and just North of Greenland and Iceland, right outside the arctic circle.
The Island is a very rocky one, full of jagged cliffs and shorelines, like one big mountain. On one side however, the mountain and its harsh rocks transition into a long stretched out beach, with soft white sand.
Being that it is so far North, it often experiences brutally cold whether, and year round precipitation in the form of heavy rain, hail, and snow; the storms of which can persist for days at a time. A truly harsh climate.

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Natural:
The Farnnigan Skerry is rich in natural mineral deposits; coal, iron, and copper exist specifically in a large abundance. The Island also has many natural pools, and rivers of fresh water that collect the aftermath of the harsh storms. The plant life on the island mostly consists of small herbs and ferns, but a small population trees have evolved to survive there, with trunks as large as a meter thick. The island is surrounded by water and as such, fish(but most especially crabs)are a the most abundant form of life. Many birds flock to this island as well to make their nests within the natural caves and crevices of the mountain.

Labor:
Miners are the most common form of labor on the island, constantly working to retrieve the precious minerals from within the islands depths.
Carpenters likewise are needed to produce furniture/ living materials to improve the quality of comfort for the general public.
Hunters are usually down by the beach, or near the streams and rivers catching fish. Although they will occasionally venture higher to hunt for birds and their eggs.
Smelters/ blacksmiths spend their days in the village, processing the raw minerals brought back by miners into usable materials.
And lastly Hikers venture out into the mountains, scaling the cliff faces, and securing rope. They work with carpenters to make bridges, and create safe path ways for navigating the island.

Capital:
Pickaxes/shovels/hammers are the most common tools around, used for mining rock, and minerals, as well as collecting sand from the beaches to lay on the roads and pathways.
Boats are used to navigate the shorelines to look for fish, while nets are deployed into the waters for catching fish.
Rope will the used for scaling the steeper areas of the mountain, as well as for the construction of bridges.
Furnaces/ ovens will also be needed to cook food, as well as to keep people warm.
Finally cloth and thread will be used to produce clothes for people to withstand the cold.

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What is produced?
The people of the island will typically only produce what they need to get by. Food, shelter, and clothing will be top priorities, anything else will mostly come second.
How is it produced?
resources will be provided by the people for their immediate family/community. A council of high ranking workers or community leaders would make important decisions.
Who will get the goods
Goods will be distributed among people based on immediate need. A barter system would help the distribution on a larger scale

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The Farinngan Skerry most closely resembles a traditional economy. A traditional economy is described as one that operates based on tradition, or the act of doing things based on how they have always been done. In societies with economic systems such as this, people often acquire their food through the tried and true method of hunting/ gathering. This is true for the Farinngan Skerry, as food is hunted or fished. There is also a lack of a central government, which the island also displays. Due to the severe conditions people on the island typically only produce what is necessary. Traditional economies tend to operate in this manner as well, where they tend not to produce more than they need. Traditional economies also tend to be structured around a community, with people providing either for their own family, or that community. On the Farinngan Skerry, harsh conditions would influence people to work together in a small organized community, and provide for themselves, wit major group efforts being enacted by the community as a whole.

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I chose this economic system because I felt as though a society operating on an island, especially with a population of 30, would only need to be one that operated as a community. The simplicity of a traditional economy just seemed to make sense in the context, and seemed like the most realistic choice given the context. It was difficult having to think about what resources I needed, because I had to think about how each one would support another, and what would actually be useful to people. It was also difficult to answer the three economic questions because it was difficult to think about how the people would get acess to all these resources.

Overall I think my Island will be very successful in the long term. The self contained nature of the society combined with the abundance of natural resources means that it should be fairly self sustaining. Though the extreme weather would certainly make things difficult.

As for strengths I would say one is the self sustainability of the traditional, community based system. Another would be the abundance on natural resources to provide the people with. And lastly, the labor resources custom fitted for such an environment. Weaknesses would be, first off, the lack of a central government, which could lead to instability later down the line. Second the lack of capital resources to aid in the survival in such a harsh climate. Third would be the lack of trade from having a self contained economy.