Intro to Business Comic (Christopher Mosher 4th hour)
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One day at band practice, the band kids were talking about the economy because that's what the band kids like to talk about on their water break.
Band Kids Meet The Economies
I have an idea! Let's all try to connect a type of economy to our instruments and talk about a type capitalism and explain what they do and how they work.
Good idea, flute player!
Since the flute is the oldest instrument in this group, I think that I should be a Traditional Economy. A Traditional Economy is an economic system where tradition and customs govern economic decisions. A country that uses this is Ethiopia. In this type of economy, goods and services are produced the way they always have been. My capitalism of choice is private property. Private property is when you own, use, or dispose things of value. This is important to an economy because companies can risk investment without anyone else's say in it.
The stereotype of trumpet players is that they're the best and they want to be in charge, so I feel like the Command Economy would work out for the trumpet; that's when the government (or other central authority) makes all the economic decisions. Cuba uses this type of economy. In this economy, resources are owned and controlled by the government. For capitalism, I choose freedom of choice. This is basically when an economy makes decisions and accepts the consequences of those decisions. This is important to an economy because it shows the trial and error of the economy.
The trombone has a slide and you can control every sound and note that comes out of it. The perfect match is a Market Economy, where economic decisions are made by individuals competing to earn profits based on supply and demand and the US is one of the main countries that uses this type of economy. For my capitalism, I choose profit, which is money left from sales after operating costs of business have been paid. Profit is important to an economy because it allows the people of the economy to make money in a business.
The clarinet has a lot of different buttons, so the economy I'm choosing is the Mixed Economy because it has different types of economies mixed in, hence the title. A mixed economy has parts of command and market economies mixed in. The government and individuals share the economic decision making process. My capitalism choice is competition. Competition improves products and lower prices. Competition is important to an economy because if companies compete, they'll want to improve quality of products and reduce prices so that more people will want to use their product and not their competitors' so they can make more money.
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