Updated: 2/10/2020

Storyboard Text

  • Hey you what is that thing over there.
  • what is a shop
  • can you show me more things like this
  • A shop is where you can buy things. I take it youre not from here
  • This is a shop, dont you know that?
  • who controls how things are bought and sold
  • What other types of economies are there?
  • This is a coffee shop. This is where you can buy coffee
  • Our economy is a mixed economy where consumers can control what they sell but the government can control certain aspects like safety of products
  • So is there a economy where the government runs everything
  • Yes, that is called a command economy. There is one more type of economy which is a traditional economy which is based on traditions and culture
  • There are many economies that are similar to ours. A market economy is just our economy without any government interference
  • Many people come here because of the food. The food would be called a scarcity because it is limited and many people want it
  • So scaricity is when many people want something and there is a limited amount
  • Why are there so many people here
  • Economics covers more than just buying and selling. Things like where you buy something is part of it.
  • Lets say you wanted to buy something from 1 of these 2 shops, the action of picking one makes a opportunity cost of not picking the other
  • What else could economics cover?
  • This discount is known in econ as a incentive, or a reason to do something or make a choice
  • I've learned so much about economics is the past few hours and i understand much more about this planets civilizations
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