What are opportunity costs? Give some examples. And give some examples from your own life.
The decision to produce or consume a product involves giving up another product. In my case the opportunity cost of going to college is the money I would have earned if I worked instead. On the one hand, I lose four years of salary while getting your degree; on the other hand, I hope to earn more during your career, thanks to my education.
Tuesday, February 27, 2007
Types of Economic System
-Traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools.
-Centrally Planned (Command) Economy is an economic system in which the state or government controls the factors of production and makes all decisions about their use and about the distribution of income.
-Market Economy is an economic system in which the production and distribution of goods and services takes place place through the mechanism of free markets guided by a free price system rather than by a state in a planned economy.
-Mixed Economy is an economy that has a mix of economic systems. It is usually defined as an economy that contains both private-owned andstate-owned enterprises or that combines elements of capitalism and socialism, or a mix of market economy andcommand economy.
Socialism is an economic system in which the goverment conducts major companies and lets individuals own the rest and communism is when the governments ownes and conducts the nation's capital.
-Centrally Planned (Command) Economy is an economic system in which the state or government controls the factors of production and makes all decisions about their use and about the distribution of income.
-Market Economy is an economic system in which the production and distribution of goods and services takes place place through the mechanism of free markets guided by a free price system rather than by a state in a planned economy.
-Mixed Economy is an economy that has a mix of economic systems. It is usually defined as an economy that contains both private-owned andstate-owned enterprises or that combines elements of capitalism and socialism, or a mix of market economy andcommand economy.
Socialism is an economic system in which the goverment conducts major companies and lets individuals own the rest and communism is when the governments ownes and conducts the nation's capital.
Stock Markert Game- Initial Investment Stragety
My stragety for this game is to accumulate the most money possible and be in the first place and beat Mr. Moloney
I will buy some stock from recognized companies and others stocks from ones that are not that well known but that make a lot of money!!!
With the $50,ooo that I start with, I will try to rise it to the most, which is pretty hard because the game only takes a few months and I will have to be very precise to buy from the right companies. Hopefully i will get to my goal soon or at least when they game is over.
I will buy some stock from recognized companies and others stocks from ones that are not that well known but that make a lot of money!!!
With the $50,ooo that I start with, I will try to rise it to the most, which is pretty hard because the game only takes a few months and I will have to be very precise to buy from the right companies. Hopefully i will get to my goal soon or at least when they game is over.
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