Week 5 HW

Over the last couple of weeks, we learned about the four different economic systems (traditional, where everything is ruled by tradition. The free market, where the people control everything. A command system, where the government controls everything. And a mixed government, where both the people and the government control everything) and how they play into the world. For example, America has a mixed economic system, North Korea has a command system, the Amish run a traditional system, and Hong Kong has the closest thing to a free market system. We also learned about the invisible hand, which is the idea that society uses competition and self interest (selfishness) to make things better. We learned the difference between Communism (government chooses how you live life) and Socialism (The community chooses how to live your life). On block day, we learned about incentives (something that influences a person's behavior through either punishment or reward) and how how an incentive affects people's lives. On the same day, we experienced incentive first hand through a quiz where if you got everything right, you failed, and how that same incentive had been used throughout our years in schooling and life. One Finance Friday, we learned about how to properly read a paycheck, how to file taxes, and how important our first job is.

1) To fly to either Europe or Israel, but to only carry one bag.
2) To fly to Brazil to have your bags not checked.
3) To carry only two bags anywhere.

Everything was rather easy to grasp. The most enjoyable thing to learn was the law of diminishing marginal value.