Handy Dandy Guide - Economics Project

[Jessica]

1. People choose.
2. People's choices involve costs.
3. People respond to inventives in predictable ways.
4. People create economic systems that influence individual choices and incentives.
5. People gain when they trade voluntarily.
6. People's choices have consequences that lie in the future.

Project due next Tuesday, worth 40 pts.

simple. I need to illustrate each fact. Check to see if the described are okay and help me if needed :/

Check the ones I did for now.


#1
A person is trying to decide whether to eat sausages or chicken.

#2
The person chose to eat sausages instead of the chicken. He gave up chicken to eat the sausages.

#3
Not decided yet.

#4
~Traditional Economic System~
not decided

~Command Economic System~
not decided

~Market Economic System~
not decided

#5
not decided

#6
not decided

[Jessica]

can someone check the first two and give me some ideas for the other 4??? thanks

[Jessica]

Can someone help me figure out what I can draw for a Traditional Economic System and a Command Economic System? They are the only ones I need to do before I turn the project in tomorrow.

[CrOtALiTo]

I'm sorry Jchen. But I don't understand your homework.

I would like help you but I can't figure me your homework.

[Jessica]

okay do you know what a command economic system is? That's the ONLY one I have to do. I drew a Chinese flag but I don't know what to do next.

[CrOtALiTo]

Originally Posted by jchen

okay do you know what a command economic system is? That's the ONLY one I have to do. I drew a Chinese flag but I don't know what to do next.

I don't.

Sorry.

[AngelicaDeAlquezar]

@Jessica: how about saying what happens to brands or prices of products when citizens live under a Command Economic System? You could also draw a Cuban Flag.

[Jessica]

Can I draw a person telling farmers to grow this and not that? :/ and it's due today class starts soon so I might not be able to change it :-(

[Bolboreta]

Sorry. Does command economic sistem mean comunismo?

Thanks.

[Jessica]

yes it could be that it generally means that the government decides everything.

[AngelicaDeAlquezar]

Originally Posted by jchen

Can I draw a person telling farmers to grow this and not that? :/ and it's due today class starts soon so I might not be able to change it :-(

I think that's a good choice. Good luck in your class.

[Jessica]

thank you I hope I did good on it