2 - The most common economy in the world today is a capitalist economy, based on business competition and consumer choice. A capitalist economy considers the use value of goods as well as the mythical value. When a good has a high mythical value, or personal importance, it is an impossible exchange because someone will not or cannot sell it, which is the limit of the capitalist system.
3 - Macroeconomics is the study of the economy at big levels, such as global analysis of nations and international corporations. The main agencies in macroeconomics are the IMF, WTO, World Bank and WEF.
4 - Microeconomics is analysis of specific businesses. All businesses have budgets that include income and expenses. Large corporations often show top down spending that emphasizes upper level jobs and looks to cut costs on lower levels. Top down is considered an unhealthy budget.
5 - Economic crisis happens from not recognizing risk. There is either an over-estimate or under-estimate of resources. Panic and freeze makes a crisis worse. Spending and circulation makes a crisis better.
6 - Culture is the larger, intangible lifestyle of a people while the items exchanged are cultural goods. Localization is recognizing the value of local assets, which are normally natural resources or specific skills of that area passed on through generations. These local goods may be traded internationally to create global esteem for a local product, ex. wine from Bordeaux, France.
7 - Cultural exchange requires that goods are sometimes marked by a “made in” label, but it is not globally required. The UPC is also often required by many stores and uses the two numbers on the outside edges to identify where products are made.
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