Economy no 4

Economy:

the economy is people who have been forced to make choices when resources are scarce.

The reason economy is used is because resources are scarce is because humans want infinite resources, but all things are limited.

Economy no: 3

 Economy:

A command economy is a government saying "You need to build 10k cars" or you need 100mil apple, also who gets the apples.

The Government will allocate the cars and apples.

But in a Market economy

for a market economy, they make cars that look like this and trains that look like that, they find out how much the car is selling and why to make it, and competing brands to make cars.

Innovation is from a Market economy, like "Ok we are selling a car that looks the same, but is a different color", most of the world is doing a market economy.

Economics no: 2

 Economics:

People test on rats is because they are not allowed to test it on humans, they do it on mice first then on humans. 

And people use fruit flies to study genetics.

economics no: 1

 Economics:

Fair things:

Having Rich people pay for taxes that are more expensive than less wealthy people.

The welfare of a city of people

Unfair things:

Paying people when they are not working.