What We Learned This Week!

This week, in economy class, we learned about type of economy including 
traditional economy, command economy, and market economy. To whom 
forget what these three are, here is brief definitions of them!

• Traditional economy: an economic system in which people make economic decisions based on customs and beliefs that have been handed down from one generation to the next 
• Command economy: an economic system in which the government makes all economic decision
• Market economy: an economic system based on individual choice and voluntary exchange

Also this week, we learned about Adam Smith who was founder of Capitalism and Karl Marx who was founder of Communism, and did project of these two. We all did good job making dialog and presenting them! :)

Today, I want to talk little bit more about type of economy that we learned this week! 

I guess we kinda agree that market economy is the best economic system among of all types of economy. And I agree that too. BUT! even it has many pros in market economy, there are also some cons in market economy too. For example, market economy can make large gap between rich and poor. That's the big problem. How can we solve these problems?  In my opinion, there is actually no way to solve these problem completely. It will have been the problem forever in this world. BUT, if we really really want to loosen gap between rich and poor, the way we can do is volunteer. If we contribute together to raise money for poor, or give charity, shelters, or food for poor, we might be able to loosen gap between rich and poor in the future, even though it's gonna take long time. This is my opinion.

What do you think we should do to solve disadvantage of market economy? Let me hear your opinion on comment!

See you guys next week :)