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What is the Economy About?
Storyboard Text
- Why do I keep hearing people talking about not having jobs today?
- Because were in a recession. It's where unemployment rates go up due to consumer spending declining.
- Well, yes they eventually will. It is called a business cycle.
- Will they ever get their jobs back?
- Why do the prices for gas keep going up more each day?
- $5.73 per gallon
- They keep changing because of supply and demand.
- The spending levels decrease because of the income levels are plummeting.
- Today at school we learned about times in the past where countries controlled everything that everyone did. But that isn't what happens now. So what is that called?
- If I'm being honest, I really don't know, you'll have to ask your mom about that one!
- There are times when people are getting unemployed, and also times when there aren't enough people for the jobs.
- Hey mom, what is it called when different countries governments control the countries in different ways?
- Those are called economic systems! Here in America, we have a mixed economy, where the government has restrictions, but no major power.
- In this case, the supply for gas is going down, but the demand is still pretty high, so companies can charge more for since they have to buy it at a higher price, and people still need it even at a higher price than they would like.
- No, you don't need that. You have some at home, that is a want, because you can live without it. Maybe next time I'll let you get one.
- .
- When a countries government controls everything, it is called a command economy, when the economy is based on tradition and more farming and hunting, then it is a traditional economy!
- Wants are things that you can live without. Needs are things that you need to survie.
- Mom, can I get this comic book?
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