Scarcity
Snemalna Knjiga Besedilo
- Wow! This is a good place to hangout thanks Adam
- Yeah don’t thank me it was Erika’s idea
- Yeah this is my idea
- 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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