Reflective Blog
This week we learned a lot about economy. First we learned about the three different types of economy; Traditional economy which is a historical economic system in which traditions, customs, and beliefs shape the goods and products the society creates. Command economy, an economy in which production, investment, prices, and incomes are determined centrally by a government, and Market economy that is an economy that relies chiefly on market forces to allocate goods and resources and to determine prices.
We also learned about these two men, Adam Smith and Karl Marx which are great historical character when it comes to economics, Smith thought that a capitalist was the best choice for any country while Marx preached that capitalism would fail and that society should adopt Socialism.
At the end of the day, all that both of these men wanted was whatever was the best for the people and society. Even with their very different beliefs they are looked up to when it comes to economics.
Yes, a busy week it was. I was more of a Smith fan.
ReplyDeleteYea smith knew what he was talking about Marx seemed more like an idealist rather than backing his opinions up with facts .
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