Reflective Blog for the week of September 2nd

This week in economics class we did some basic stuff. First we took our test on the last chapter which wasn't too bad. I feel that the class knew most of the material for the test thanks to the superb teaching by Mrs. Weser, the supreme admin. The next day after taking the test we were introduced to three kinds of economies. We first learned about traditional economies and how this economy is becoming more and more void in our modern world. We then learned about a command economy and how it functions because it is almost a complete opposite of the U.S economic values. We then learned about the economy we are most familiar with, a market economy. In a traditional economy, the values are based off of deep seeded cultures and customs. The main goal of this economy is to survive and wealth is ignored. People in traditional economies mainly trade and it is similar to the Native American economy they had. A common command economy is communism. Communism is an economy in which the government holds all of the businesses and makes all of the decisions. Individuals in these economies have no say in anything and must listen to the government's orders. Everything is owned by the government and they control most of the choices in your life. A market economy is an economy in which individuals own businesses and make all of their choices. Production of resources and distributing of resources is controlled by the individuals in the economy. An individual decides what they want to purchase and what job they desire to have, they have to earn thier job though. The government is in charge of foreign affairs and maintaining balance and safety in the country. The economy is mainly influenced by individuals' choices. My favorite type of economy is a market economy because the individual can make their own choices and where they end up is dependent on themselves. So if they fail it is no one's fault but their own and if they succeed it is because of their triumphs and not the government's.