Economic Systems
Storyboard Text
- Hey, I don't know you, and I know everyone. What's your name.
- So Cruz, what economic system have you decided to do?
- I decided on doing the market economy
- Hey, my names Cruz
- Awesome, do you know how they answer the three economic questions?
- Of course. They decide what to produce by supply and demand. They decide how to produce by trying to get the highest quality at the lowest cost. and the decide whom to produce for by producing the products for whoever needs them.
- Amazing. Have you found any benefits to this system?
- Amazing.
- Yes ma'am, there are many, one of which is that it ensures that the most desired goods and services are produced.
- Great. Anymore?
- Fabulous.
- Yes ma'am, there's always more, one of which is that goods and services are produced in the most efficient way possible.
- Amazing. Are there any disadvantages to a market system?
- Perfect.
- Of course. The main disadvantage would be that it has no system to care for those who are at an inherent competitive disadvantage.
- Are there any other disadvantages that you can think of?
- Fabulous. Thank you for sharing with me.
- Oh yea. Another disadvantage of this system would be that the caretakers of those people are also at a disadvantage.
- No problem, anytime.
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