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- What Is an economy?They are asking what they know about economyIn this unit we learned the difference between a mixed economy and a Command economy
- Hey! What do you know about economy
- What is economy!
- INTRO
- Wants vs NeedsThe difference between a want and a need is, A want is something that you do not need to survive. Such as a Gaming System. A need is a product needed to live such as water.
- Oh OK!I WANT this so I am gonna steal it
- We will start with Wants vs Needs
- WANTS VS NEEDS
- Next is Supply and Demand
- Supply and DemandSupply and demand sort of work together. If the supply on an item is high, most likely the demand will be low. If the Demand is low the supply will go up and will happen the other way as well
- SUPPLY AND DEMAND
- Ok tell me all about it.
- Business cycleThe Business cycle is a process. Usually it starts with expansion, then the peak, after that it will drop down to a depression which is the lowest position. After that it will repeat itself over and over again
- What about the business cycle
- We will talk about that now!
- BUSINESS CYCLE
- ECONOMICAL SYSTEMS
- Types of Economical SystemsThere are multiple different types of economies. The most popular being the mixed economy. This is a type of economy including private and public enterprise
- Lastly we will talk about types of economical systems
- Ok! Tell me about it!
- THE END
- OK! Thanks!
- They are ending their conversation and saying goodbye.
- So That is all the main things you need to know about economies.
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