In the early 2000s we experienced a kind of depression with the loss of major companies such as Chrysler and General Motors. With the crash we saw the housing market skyrocket for a short period of time due to Subprime mortgage lending, where it was easy for people with little to no credit or documentation to receive a mortgage loan. The prices of these homes increased while demand was high. This didn't last long because people ended up owing their lenders more than the actual homes were worth and the foreclosure rate increased immensely. This contributed to businesses, as I stated before moving on, unable to borrow money from banks and the government. Over the past two years our economy has improved and the housing market has stabilized. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Economy is a financial and social system that illustrates how resources flow through society, from production to distribution to consumption and there are four main types of economies, Capitalism, Socialism, Communism. Capitalism or “free enterprise” economics is what we are used to as well as what we have in the United States and is a political system in which a country's trade and industry are controlled by private, for-profit owners , rather than by the state. Socialism is an economic theory of social organization that holds that the means of production, distribution, and exchange should be owned or regulated by the community. Finally, communism is a theory in which it advocates class warfare and leads to a society where all property is publicly owned and each person works and is paid according to their abilities and needs. No single measure captures all dimensions of economic performance, and they all work differently for the regions that exercise them. Within the economy there are businesses that support them and we have learned about the four main types of business ownership: sole proprietorship, partnership and limited liability company. All four types have their advantages and disadvantages. Nowadays, for any company to engage, it relies heavily on the company's ethical standard. We as consumers are much more attentive to what a company is and make our decisions about who we buy based solely on what a company represents. Because of this activity, social audits are now performed regularly, telling the company how well it is fulfilling its ethical and social responsibilities. Now the type of business that most wish they could pursue, entrepreneurship. Entrepreneurs are people who risk their time, money and other resources in their business. While you can make a profitable living working for someone else, your chances of becoming seriously wealthy scientifically increase with ownership of your own business. You are solely responsible for your success or failure as you answer only to yourself. . There are many ways to find funding if you don't have the money to start on your own and they are: personal resources, loans, cofounding, angel investors, venture capital and even partnerships. There are many pros and cons with this business path, but if you have the means to follow this path and choose something you love to do, there are very few disadvantages to owning your own business. Many say that even failing the first couple of times is a “learning experience.” You just need to educate yourself in every aspect and create a business plan. Please note: this is just an example. Get it now.