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Here, we use Mixed Economy!
Lastly, Traditional Economy consists of trading goods. The cost for items is not regulated in any way.
So, you're saying that if I buy something, the price will be determined based on the store but there will still be a regulated tax?
I only have 5 Earth dollars and I can't decide whether to by a box of cereal or a bobble head.
Well, the bobble heads are scare while their is an abundance of cereal. This means that there is a low supply of bobble heads and they might be gone soon
You know that by buying the bobble head you are giving up the opportunity to buy a box of cereal. The box of cereal is called your opportunity cost
OK, I'll buy the bobble head then
oh, ok. But look the bobble heads are buy one get one free. I could get one for my sister at no extra cost. That makes them even more appealing!
Yes it does look appealing, this is because it is called an incentive. Stores add a bribe of sorts in order for their products to look more appealing.
No problem, I hope you learned a little something about our economic system!
Thank you so much, my sister will be so excited!