Labor-saving devices are inventions that reduce the time and effort needed to perform or complete a task. Farm equipment, home appliances and construction equipment are examples of mechanical inventions that save time and physical labor.
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A market economy is an economy where most resources are owned and controlled by individuals and are allocated through voluntary market transactions governed by the interaction of supply and demand.advantages: Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money.
Innovation is encouraged because it provides a competitive edge and increases the chance for wealth.
A large variety of goods and services are available as businesses try to differentiate themselves in the market.
Economic activity is encouraged because you need money to live and need to engage in economic activity (through employment or self-employment) to make money.
disadvantages: Environmental damage results with no government regulations because it's usually more expensive to produce in an environmentally sound manner, which reduces profits.
There tends to be a reduced social safety net, including such programs as unemployment insurance, Social Security, and Medicare, because these programs are supported through taxation.
command economy is one in which a centralized government controls the means of production. The government determines what is produced, how it is produced and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties. There are advantages and disadvantages of command economy structures. Command economy advantages include low levels of inequality and unemployment and the common good replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency.
Ralph Waldo Emerson once said, "A foolish consistency is the hobogoblin of little minds."
A simple subject is probably the most basic unit in sentence construction. A subject is a noun, which is a person, place, thing, or idea. A subject tells us who or what the sentence is going to be about. Without a subject, we cannot have a complete sentence. A simple subject is a subject that has just one noun as the focus of the sentence. This means that only one noun does the action, or connects, to the verb of the sentence.
