Who Came Where?

This week in personal finance we learned about the different types of economies. There are three types, market, command, and traditional. A market economy is an economic system based on individual choice and voluntary exchange. A command economy is an economic system in which the government makes all economic decisions. A  traditional economy is 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. Also this week we had to very important visitors, none other than, Adam Smith and Karl Marx. Adam Smith was the creator of the free market economy. Karl Marx was the creator of the command economy. Both of these men came to the Weserville town hall to discuss which type of economy would be best for Weserville. Both men discussed their views and sides but are leaving up to us to choose. I agree with Smith and think that a market economy would be best because Weserville does not have a lot of resources so we can trade with other cities to provide for our needs. This will help Weserville to become a stronger community.