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Today the objective is: We will learn about the different types of economies(Command, Market, Traditional, and Mixed) and the principles of capitalism ( Freedom of choice, Profit, Competition,and Private Property)
First we will be learning about Command Economy. Command Economy is when resources are controlled by the government. For example China, North Korea, and Cuba are all Command Economies. resources are owned and controlled by the people of the country. For example Hong Kong,the United States, and Australia are the most economically free country's in the world.
The next ting we will be learning about is Traditional Economy. Traditional Economy is when goods and services are produced the way it always has been. For example the bartering of hunted prey used by Inuit tribes in northern Canada. Next is Mixed Economy, Mixed Economy is when Combined elements of command and market economies. For example the United states and cuba.
Next we will move on to Freedom of choice. freedom of choice is to make decisions and accept the consequences of those decisions. It is beneficial because you can decide where you want to go, what religion you want to be or what you want to think.
Next is profit. Profit is money left from sales after operating costs of business have been paid. It is beneficial because you can make money on the side to pay extra stuff that you need. Next is competition, competition is rivalry among businesses. This is beneficial because it encourages improvement in products and practices and lower prices
The last thing we are learning about is Private Property. Private Property is to own, to use, or dispose of things of value. This is beneficial because you can own your things without sharing with other people. Bye class see you tomorrow.
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