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Word Count: 510
Chickenomics Chickenomics is a short twenty minute instructional video tape on the basics in economics The video tape uses an original man in a chicken suit idea to explain economics The five basic characteristics of economics are explained in an easy and simple way using the Chicken This video tape is a great way to teach the basics of economics The video starts off by introducing the chicken The chicken is originally a man in a chicken suit who works for a Los Angelus radio station The Chicken -as he is referred to in the video- now also works as a Mascot for a baseball team To show some of the basic concepts of economics a question is asked why is this chicken in 250 million born every year so successful The five basic characteristics of a Market Economy are introduced to answer that question The first is that a market economy has private ownership of resources This means that labor and other types of resources are government protested ownerships In the video it is explained that the Chicken or the man in the chicken suit is a rare individual who has the skill of entertaining people The second characteristic of a market economy is Self interest motives This means that each person is free to pursue whatever job or position in the market he desires The third characteristic of a Market economy is consumer sovereignty This means that the market is controlled by consumers and that only the products that the consumers want are produced The fourth concept in a Market Economy is that it is a market The Market Economy being a market means that everywhere a transaction is made or every where a product or service is bought or offered The last characteristic of a Market Economy is Competition Competition is other people or companies offering the same product To explain why this is such a good thing in the economy
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