Opportunity Cost

When economist talk about opportunity cost they are basically talking about the money you could have made if you would have worked instead of doing something else you chose to do. Some examples of oppurtunity cost is going for a 4 year degree. Over that time period of 4 years you are giving up the oppurtunity to get a full time job and make the money you are spending in 4 years trying to get your degree.

Diffrent types of economies

Traditional Economies are economies found in some parts of africa and south america. In these economies do not use technology and the men and women are given diffrent economic roles and tasks.
Centrally Planned (Command) Economy- is an economic system in which economic decisions are made by centralized planners who determine what kind of goods and services to produce and how they are to be priced and may include state ownership of the means of production.

Market Economy-An economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy.

Mixed Economy-An economic system that allows for the simultaneous operation of publicly and privately owned enterprises.