Archive for March 8, 2012
- Participated in a Bracelet production as part of a simulation for market and command economies.
- Demonstrated the different economic goals that come about in each economy.
- Market economies had a lot of freedom and growth due to incentives, they also became more efficient in order to produce more bracelets.
- Command economies were set up for failure, created equality, but there was a disconnect with what was being produced and having an ability to pay for it. Command economies all produced the exact same bracelets and there was no incentive to work harder or have good quality.
- 10 question quiz tomorrow on 3.2. & 3.3