W6.1 April 8 KimMinJeong(김민정)

 1. Summary


I've read some data about economies that are very deeply connected to society. An economy is the way people use their environment to meet their material needs. This includes the production, exchange, distribution, and consumption of goods and services in the region. Certain economies are the end result of processes that include technological evolution, history, and social organization, as well as geography, natural resource retention, ecology, and more. These factors provide the context and content in which an economy operates, and set the conditions and parameters.


2. an interesting point


Capitalist economics developed through the interaction of the following five items. Five factors, namely raw materials, money, labor, means of production, and production, collectively known as capital goods and consumer goods, influenced and influenced each other to develop the capitalist market. Market is a term used by economists to describe the central exchange where people can buy and sell goods and services. In a capitalist economy, the prices of goods and services are mainly controlled through supply and demand, and competition. Supply is the amount of goods or services a company can produce and sell, and demand is the amount people want to buy at a certain price. Prices tend to rise when demand exceeds supply, and prices tend to fall when supply exceeds demand, so markets can adjust themselves through pricing until a new equilibrium price and quantity are reached.


3. Question


Naturally, the idea of socialism arrived as critics criticized capitalism. As previously explained, socialism refers to a society in which all individuals have equal access to resources through various theories of economic organization and compensation based on the amount of labor spent, while capitalism allows the economy to revolve around market freedom.


Which economic system do you think is more suitable, capitalism or socialism, and why?

Comments

  1. 24 Hyunseo NamApril 14, 2024 at 5:15 AM

    While every economic system has its merits and flaws, I firmly advocate for capitalism. My conviction stems from the belief that individuals engaged in demanding and highly skilled professions should rightfully earn higher incomes.

    ReplyDelete

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