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Hey you what is that thing over there.
what is a shop
can you show me more things like this
A shop is where you can buy things. I take it youre not from here
This is a shop, dont you know that?
who controls how things are bought and sold
What other types of economies are there?
This is a coffee shop. This is where you can buy coffee
Our economy is a mixed economy where consumers can control what they sell but the government can control certain aspects like safety of products
So is there a economy where the government runs everything
Yes, that is called a command economy. There is one more type of economy which is a traditional economy which is based on traditions and culture
There are many economies that are similar to ours. A market economy is just our economy without any government interference
Many people come here because of the food. The food would be called a scarcity because it is limited and many people want it
So scaricity is when many people want something and there is a limited amount
Why are there so many people here
Economics covers more than just buying and selling. Things like where you buy something is part of it.
Lets say you wanted to buy something from 1 of these 2 shops, the action of picking one makes a opportunity cost of not picking the other
What else could economics cover?
This discount is known in econ as a incentive, or a reason to do something or make a choice
I've learned so much about economics is the past few hours and i understand much more about this planets civilizations