What is the Economy about?

What is the Economy about?

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  • What is the economy all about?
  • Mixed
  • Traditional
  • Command
  • Market
  • I need to do laundry and stay clean
  • I want more clothes!!!
  • Wants and Needs
  • Types of economic Systems
  • Traditional, Command, Market, and Mixed
  • An economy is a system of making and trading things of value. It is usually divided into goods and services 
  • Supply and Demand
  • Wants and Needs- Wants are something you don need but it is nice to have, a Need is something you must have in your life to live
  • Business Cycles
  • Traditional- based on cultural focuses on the community, Command- driven by the government, Market- no government ran by consumers, and Mixed- is 50/50 with the consumers and government
  • Companies have a certain amount of of supply for a price that the customers can buy but customers also have a demand of how much they want and how much it costs 
  • Peak-Everything is at its prime they're making money and business is running at its best  Recession-Falls from the peak, loses its workers, economy falls apart, and production output drops
  • Trough-You're just sitting at the bottom and it can become a depression unless you get out of it  Expansion- Once the economy starts to get back on its feet everything starts to look up again and business is roaring and looking towards its next peak
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