Intro To Business

Intro To Business

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  • Jenna is sitting in business class on an average day when her teacher assigns her a project about the economic systems.
  • you must find examples of all economic systems in different countries this weekend and then pick which one you want to be a business owner in for your project.
  • Economics class
  • there is no freedom of choice in a command economy. freedom of choice is when you make decisions and accept the consequences.
  • A command economy is when resources are owned and controlled by the government.
  • North Korea is a command economy because the government controls all of the businesses, money, and resources.
  • Ethiopia is a traditional economy because they produce their own things using natural resources and are not yet connected to global economics.
  • A traditional economy is when goods and services are produced in the way they always have been, mostly found in less developed economy's where they are not yet participating in global economy. 
  • A mixed economy is an economy that combines elements of command and market economies.
  • Sweden is a mixed economy because the people control certain aspects but the government controls the rest.
  • A market economy is when resources are owned and controlled by the people of the country.
  • some people think the U.S.A is a mixed economy because of regulations, but it is very little command.
  • The U.S.A is mostly a market economy because the country is free to own and control their own businesses and resources.
  • Jenna chose market economy for her project because it has:
  • Profit- the money left from sales after operating costs of business have been paid.
  • Competition- rivalry among businesses to sell which encourages improved products and practices and lower prices.
  • Private property- to own, use or dispose of things of value.
  • Good work Jenna!
  • These are all aspects of capitalism that are beneficial to an economy because they make producers and consumers happy.
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