W4(a economy) by Ji min kim

Ancient economy was based on subsistence farming
Ancient economic activity exchange was the most social relations through commodity
It. In the Middle Ages most of the exchanges occured in society groups. Also when the conquerors conquered the strange land, they return the money to investors
It has to be returned. Economist Adam Smith, He said that products product is occur by use of competiton, So product provided to original price
In addition, Today is called Industrial Revolution because the division of labor and production system in Europe is the mass production of products
Capitalism is economic system that means of production, non-labor factors of production are privately controlled.
But the Great Depression in 1880 and 1930 have shown a negative drawback to the capitalist world to our.
Here are five items that became the basis of the economy interact.
It is product commodities,money,labour power,means of production,production.
Individuals do role of consumers and workers and They contribute to the economy.
Companies must recognize that consumers want to commodities. And it effectively try to sell.
capitalist economy is controlled the price of goods and services by supply and demand.
If  supply and demand are very different the government must regulate price and production.
Critics of capitalism think something that is associated with the unfair distribution.
Also capitalism must have sustainable development.So environmental damage always occur.
Socialist capitalist owns the means of production, as opposed to the government.The government plans to price, production and so on.

interesting point
Long time ago, economy was activity and It is surprising that the economy is gradual development.
and Play came to be developed in a different way for each period.

I wonder thing.
I wonder something that another enconomist means economy and Why great depression in 1880 and 1930 ocuured and that had an impact