What is the economy all about?
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- alright sounds fun.
- hey mom, let me tell you about i'm learning in business.
- lets start with want's and need's. Wants are are things that aren't crucial to your survival. Needs are things that you use daily and couldn't function without.
- Next we learned about Types of Economic Systems. there's four sections market, mixed, command, and traditional. each has their own set of rules and connections to the government
- Another topic we covered was supply and demand . Its important that the supply and demand are able to meet at a similarity point, or the company might end up with to much or too little of an item.
- The last point we covered in the unit were business cycles. each cycle has four stages, the peak is when the business is at its best. recession is when it starts to slow down but its still going alright. a depression is when a business crashes. and recovery is when business is coming back from its economic crash.
- its alright. I liked hearing about what you've been doing in school. lets go eat.
- OH GOSH! The sun went down already. Sorry I took up all your time.
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