things we learned this week

We had a busy week. We had learned some new things. We learned that there are three different economies. They are command, traditional, and free market economies. Traditional economy is when the people do their own thing such as hunting for themselves. Command economy is based on the government making the choices. Market economy is everyone who makes individual choices. We learned about two famous economic analysts who are known as Karl Marx and Adam Smith. Adam Smith was a "fan" of capitalism while Marx disliked it because he saw it as a way that can lead to peoples greediness. Marx believed that we should all "share" our resources while Smith saw it as to not share resources. Marx believed everyone should work to what they can do and get what they need. Marx also believed that their is a limited supply of resources and that we should share all our resources.