Anyway… have you guys saw that facebook post that talks about the effects of scarcity?
yeah! sorry I didn’t, I was busy playing Mobile Legends at my house
yeah, i've seen it
Ok, I want to discuss this because I want to find a solution to scarcity with the use of different economic systems..
Alright, that seems good to me/ Me too
Alright, so do you guys know about the different economic systems?
Uh, I think there’s 3 of them right?
.Yeah they’re are.There’s traditional economy,market, and command.
.Let’s discuss about them
.So, traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition economy guides economic decisions such as production and distribution it also depends on agriculture,fishing, hunting,gathering.
Market economy is a system where the laws of supply and demand direct the production of goods and services.Supply includes natural resources, capital, and labor. Demand includes purchases by consumers, businesses, and the government.
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