Victoria Noriega
Mr. Boyd
Economics 1
8/17/17
Lap 1 Module 1
1. A traditional system is often used by indigenous groups of people where they shape their community by traditions. Dividing genders for different roles in the community is an example of a tradition where they all rely on one another. Their own traditional ways to keep their economy going most likely wouldn’t last in a more modern economy.
In a command economy, it is based on centralized decision making. All the power is given to a person or a group of people who make all the decisions for the economy. An example of this today would be communist countries. A command economy rarely meets the wants and needs of a citizen. Instead of having the economy and state serve the citizens …show more content…
Citizens don’t serve the state but rather freely choose how to use their own resources, and to choose their own vocation or private property. The U.S. is an example of a market economy and succeed greater than a traditional or command economic system.
Both a command and market economy have
2. Karl Marx believed the problem of scarcity was addressed through complete redistribution of wealth and income from the owners of the land and capital to the workers. He believed the relief of scarcity would be successful when society was organized where we would all be equal regardless of everyone’s level of productivity.
Adam Smith saw productivity the determinant of wealth and rational self-interest was the motivating force that would provide society a means of escape from scarcity. He believed success would happen when society harnessed the power of self-interest.
3. Today I left my house and I was making good timing but I needed breakfast and my coffee. My marginal cost was a possibility of being tardy and the marginal benefit was that I got everything I needed and I still made it on time with a few minutes to
Mr. Boyd
Economics 1
8/17/17
Lap 1 Module 1
1. A traditional system is often used by indigenous groups of people where they shape their community by traditions. Dividing genders for different roles in the community is an example of a tradition where they all rely on one another. Their own traditional ways to keep their economy going most likely wouldn’t last in a more modern economy.
In a command economy, it is based on centralized decision making. All the power is given to a person or a group of people who make all the decisions for the economy. An example of this today would be communist countries. A command economy rarely meets the wants and needs of a citizen. Instead of having the economy and state serve the citizens …show more content…
Citizens don’t serve the state but rather freely choose how to use their own resources, and to choose their own vocation or private property. The U.S. is an example of a market economy and succeed greater than a traditional or command economic system.
Both a command and market economy have
2. Karl Marx believed the problem of scarcity was addressed through complete redistribution of wealth and income from the owners of the land and capital to the workers. He believed the relief of scarcity would be successful when society was organized where we would all be equal regardless of everyone’s level of productivity.
Adam Smith saw productivity the determinant of wealth and rational self-interest was the motivating force that would provide society a means of escape from scarcity. He believed success would happen when society harnessed the power of self-interest.
3. Today I left my house and I was making good timing but I needed breakfast and my coffee. My marginal cost was a possibility of being tardy and the marginal benefit was that I got everything I needed and I still made it on time with a few minutes to