Why Did The Stock Market Crash?

The stock market crashed because of mainly the chinese stock market. A lot of american money is put into china's stocks therefore if china goes down so does america. There were illegal stocks in china and they tried to take it out but looks like it went bad and went bad for everyone else. Taking risks in stock markets seems to be very dangerous and this seems to be the biggest crash since 2001.

Opportunity Costs

Opportunity costs desicsions that we make and deal with our money. Like if, someone had to buy a present for his mom's birthday or choose to hang out with his friends with his money. He either has the opportunity to make his mom happy or to have a good time with his friends doing who knows what. For example, from my own experience, I had a choice. It was to either get sneakers for myself that I really wanted or to get my my sister a present that was something she really desired but couldn't get that I can. I didn't know what to do cause it was a hard decision to make to either please myself or make her happy. Either way I would lose the money and someone will get something but I made a desicsion. I put my sister before myself and she got what she wanted.

Types of Economic Systems

-Traditional Economies: it is a system which all all the resources are located by inheritance and has a strong social network and based on methods and tools, also very strongly connected to subsistence farming. The maqjority of countries that have traditional economy had been replaced with command economy, market economy or mixed economy.

-Centrally Planned (Command) Economy: ecnomic system which the state or government controls the factor of production and makes all the descisions about the use and about the distribution of income.
-Market Economy
-Mixed Economy