Sadie just remembered that she forgot to do her school interview project that is due by tomorrow morning. So now she has to do it all today while doing her daily errands.
While going outside to start heading to the cafe for breakfast, she met her friend next door. So Sadie asked her friend about Command economy.
Well I dont really know. But I do know that resources are owned and controlled by the government.
Sadie finally made it to the cafe for breakfast and remembered that she can interview anyone about these terms. So, she interviewed the nice looking lady about market and traditional economy.
Market is resources that are owned by individuals. Traditional is economic activities centered around family,tribe,or ethnic group.
Sadie is riding the bus to one of her favorite pet stores to get her favorite cat food for her pet. So, she decided to get through more of the interviews by asking the nice guy next to her about mixed economy.
Im actually a business major. It means resources are owned and controlled by the people and the government.
When she arrived at the pet store she found the lane the cat food was in. She then saw a college worker in the same lane and asked her about profit (principle of capitalism). The student also could relate to her last minute work.
An economic profit or loss is the difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.
Sadie decided to go to the library and look up freedom of choice to get factual text. She found out that freedom of choice meansEconomic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please.