The main objective of intro to bushiness is to learn the different types of economys. And the 4 principals of capitalism.
So. Market economy is like when the money doesn't leave the communitie it just rotates. And a example is capitalism.
Yeah. profit is so important because there would be no point of working if there was no profit.
Yeah. i will teach you. lets start with market economy and profit.
Also traditional economy is like when your family are farmers you are farmers. And a example is medieval times.
Also competition is important because it will help the consumers get better serveces and prices.
And mixed economy is when you have people and the government interacting. An example is a country and there residents.
Private property is important because it lets people live there lives without every one else knowing what is happening.
And freedom of choice is important because it lets people have options and not be forced into buying something.
Yeah. command economy is when people are willing to buy something at a price above or below market value. An example is like at Christmas time when there is one thing everyone wants, drives the price up.
Definition of market economy is: an economy in which the resources are owned and controlled by the people of the country. An example is capitalism. Definition of profit: A financial gain, The difference between amount earned and the amount spent. An example is the amount of money a business owner makes after ills and taxes.
Definition of traditional economy is: an original economic system where in which customs and beliefs shape the product and the producer. Definition of mixed economy is when all economic systems are combined and run together. Definition of competition is when other producers are fighting to get business from consumer. Definition of privet property is a piece of land or a object that is held by one person and is not controlled by the government.
Definition of command economy is: The quantity of a goods that consumers are willing to buy at a certain price. And freedom of choice is When a consumer has at least two options to choose from.