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- What doees economy mean?
- Economy
- there are 4 topics to economy first being wants and needs, type of economy systems, supply and demand, and business cycle
- wants and needs is wanting something you dont really need like video games jewelry and entertainment but things you do need like food shelter etc.
- Wants and needs
- Jimmy has a school assignment about economy and doesnt know what it is.
- A market economy is very similar to a free market. The government does not control vital resources, valuable goods or any other major segment of the economy.
- This by no means indicates that it is fairer or an exact improvement; there are many things fundamentally wrong with a command economy.
- traditional
- command
- types of economic systems
- market
- an economic system combining private and public enterprise.
- A traditional economic system is the best place to start because it is, quite literally, the most traditional and ancient type of economy in the world.
- mixed
- Jimmys teacher explains it to him
- the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
- wants and needs
- The peak is when the business is at its greatest point money is coming in and a people are happy everything is going great
- Recession is when employment levels go down production goes down and prices go down
- depression is when everything goes down and the business is at its lowest point
- Recovery economy starts growing again production and employments come back slowly
- type of economic systems
- Supply and Demand
- A Business cycle has four parts to it the peak, recession, depression, recovery
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