Part 2 for Intro to Business

Part 2 for Intro to Business

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  • Traditional Economy
  • I pass this bow down to you for hunting and gathering for our family. This was my great, great, great, grandfathers bow.
  • Traditional Economy
  • Good job killing your first bird. Now you will be able to provide for our family and the tribe.
  • Thank you father!
  • Private Property
  • I'm Sorry!
  • A traditional economy is an economy in which goods and services are produced the way  they have always been produced.
  • Market Economy
  • Buy, Sell, & Trade
  • Baby toys for SALE!
  • A traditional economy is found in lesser developed countries such as in Haiti, Ethiopia, and rural Africa.
  • Market Economy
  • Hi! I'm interested in the baby toys that you are selling. How much are you asking for the whole collection?
  • Hello! I'm selling the whole set for a minimum of $15.
  • Private Property is to own, use, or dispose of things of value. Private property is beneficial to people because you know that you own it and no one else can take it from you. You have total control over it. The purchaser can do what ever they want with it.
  • Profit
  • After a property permit, food costs, and equipment repairs, I made a total of $500.
  • County Fair!
  • In a market economy the resources are owned and controlled by the people of the country. People on this website can choose whatever they want to sell and they keep the money for themselves.
  • Message with details!
  • Countries that have a market economy are France and the United Kingdom.
  • Great! I'll take it.
  • Cool!
  • Profit is the money left from sales after operating costs of business have been paid. Profit is beneficial because it determines how much you will make. This could be important if you are a small business because it determines whether or not you can stay open.
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