W6.1 April 8th（Monday） JIA YUAN

 1、Summary

The economy refers to the way people use the environment to meet their material needs, while capitalism is an economic and social system in which capital and non-labor factors of production are privately controlled, labor, goods, and capital are traded on the market, profits are taken by owners or invested in technology and industry, and wages are paid to labor. A capitalist economy is characterized by factors such as commodity production, market exchange, the profit motive, and competition. Together, these elements form the basis of the modern economic system. Critics argue that capitalism leads to inequality of wealth and power, market monopoly, economic exploitation, and inequality. Socialism advocates public ownership and equitable distribution of resources. There is a long-standing philosophical and practical dispute between the two.

2、Interesting place

Introductory economics also deals with money, inflation, and monetary policy. These concepts are crucial to understanding how the economy works, the effects of monetary policy on the economy, and the effects of inflation on individuals and businesses. Introduction to Economics will explore topics such as economic growth, development and economic recycling. These help us understand the changes and trends in the economic conditions of a country or region. Introduction to economics covers the basic concepts and principles of economics, helping us to understand the basic laws and mechanisms of economic operation. These knowledge not only has application in daily life, but also has important guiding significance for us to understand the whole economic system and participate in economic activities.

3、problem

What are the characteristics of different market structures (such as perfect competition, monopoly, oligarchy, etc.)? What are their effects on prices and production?



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