W6.2 Sociology/Economy_Kim Minji

 <1> summary

The economy is the way people use their environment to meet their material needs, the economic system. Market is a term for economists to describe a central exchange where people can buy and sell goods and services. In a capitalist economy, prices of goods and services are controlled primarily through supply and demand and competition. Socialism refers to various theories of economic organizations that advocate the management of public or direct worker ownership and the means of production and distribution of resources, which some view as not providing equal opportunities for people to reach their full potential and using resources and technology for the public good.

<2> interesting point

It was interesting that in a capitalist economy, people with low-supply technology could attract much more valuable and higher incomes in the market. I understood this as being valued higher by people's desire to buy the product if demand is high but supply is low. This reminded me of brands or products that currently have high value, and in this case, I wondered if the brand was worth the value. Also, as stated in the article, I came to understand why competition is important in a capitalist economy because it leads to innovation and reasonable prices.

<3> question

Do you think it would be better to have a society that emphasizes more that it is free to own personal property in a capitalist economy, or a society that solves the unfair distribution of wealth and power?










Comments

  1. liuzimengApril 9, 2023 at 9:06 PM

    In a capitalist economy, the emphasis is on privatization. That's why the wealth of the individual is more important.

    ReplyDelete
  2. 전진이 JEON JIN EApril 10, 2023 at 5:12 PM

    I also thought it was great to try to produce high-value products in a capitalist economy. In a capitalist economy, we have to survive on our own, so we all strive for a high income. It's cruel in a way, but I think it's a reasonable system.

    ReplyDelete
  3. 한우진June 22, 2023 at 11:53 PM

    I think a society that emphasizes the possession of individual property is a better society. A capitalist economy is an economic system that emphasizes individual property ownership and economic freedom, which can seem attractive to some in terms of maximizing economic opportunities and freedoms and encouraging economic growth and creative activities. Of course, this could lead to wealth imbalances and concentrations of power, resulting in an unfair distribution of wealth and power. However, due to this unfair distribution, I think people will live harder and harder, trying to collect more wealth. Also, I think this competitive structure of society will greatly help the development of society.

    ReplyDelete

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