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Hi my name is John I am a student here trying to understand more about economics.
Hi my name is Bill I am a teacher helping John learn the basics.
Two good things about a mixed economy is that its less government control and more freedom.
I agree! but I lived in command economy and here some reason why its bad because more security means bad quality and more government which means less freedom.
How about the laws of Suply and Demand?
Suply and Demand are some big things. The biggest things are how they are connected. If the supply goes down the demand goes up and vice versa. Also price if supply increases then the price will drop.
John and Bill introducing them selves.
What are these personal finances I have heard about?
Personal finances are all the things that you will have to do with money. Such as, Budgeting, saving, and day to day expences.
For the command economy the government gets to buy what they want and when you got to the store that might not have of what you want.
Not by a long shot. Every country has there own economy. Some do better than others, and some countries rely on trading with other countries to support there economey.
Thank you so much now that I know the basics I feel as if I am more prepaired.
Them talking about supply and demand
No probem. I am glad I was able to help prepair you for the world.
Talking about personal finances.
Talking about internatinal economics
Last question do other countries have economics to or is it just the US?
John thanking Bill for the help that he gave him.