Types of Economics By Dawson Grainger
By dgrainger551, Updated
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One day, Joe was going on a trip to his home town and met someone new
Joe and his new friend started talking about economics, and his friend decided to help him learn.
He talked about certain states that have a command economy, which is completely controlled by the government, like Cuba...
While market economy Is when the resources of a state are owned completely by the people, there are no true market economy states, but the USA is close.
Joe's friend continued to talk to him about a group of indians he meet who have a traditional economy, where goods and services are produced the way it always has been.
He told Joe about people he met when he went to the white house who are trying to sustain a mixed economy, which has the combined elements of both a command and market economies.
Joe also told stories to his friend. He told him about when he got his own private property(to own, use, or dispose of things of value), his own house helping him live a good live.
Joes new friend told him about his fathers toy business, and how he went into competition(rivalry among businesses to sell which encourages improved products and lower prices) with another toy company to see who was the better salesman
He told the man about his son, who learned to have his own freedom of choice(to make decisions and accept the consequences of those decisions), and has made good decisions.
When they were finishing their flight, Joes friend told him about how much profit(the money left from sales after operating costs of business have been paid) his company was able to make after the deal they made with another company
When the trip was finished, they went their own ways, and said goodbye to each other.
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