Unit 1 Assessment

Unit 1 Assessment
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  • Can I ask a few questions, so i'm prepared for the test?
  • Of course.
  • How do you know the difference between wants and needs?
  • Okay what about goods and services?
  • A want is something that you don´t need to live , but a need is something essential for you to live.
  • Goods is something that is made or grown, and a service is something you do for yourself?
  • What types of economies are there?
  • Just a few.
  • How many more questions do you have?
  • There are market, traditional, command, mixed.
  • A student decides to ask his teacher a few questions after school before he has to take a test on economics, so he will hopefully not fail. 
  • Why do businesses sometimes make more items then needed?
  • That's called supply vs. demand. Demand refers to how much of a product is desired by buyers, a supply represents how much the market can offer.
  • The student decides that he should ask about goods, wants, needs, and services first sense that is what he struggled with the most.
  • How do business cycles work?
  • Business cycles start at a peak first, then recession, next is trough and/or depression, and lastly comes expansion/recovery.
  • The student now decides to ask what kind of economies there are. The teacher then states the four economies mixed(A mixture between command and market economies), market (Driven by consumers), command(Government makes all the decision), and traditional(based on cultures or rituals).
  • Fine I was done anyway.
  • Okay dude no more questions, i'm done and tired.
  • For the next question the student wonders why businesses make more products then necessary. The teacher responds with the simple answer of supply and demand.
  • For hopefully the last question the student asks about a business cycle, the teacher then stats all the stages of a business cycle. Peak(Employment is at an all time high, income and prices are increasing), recession(Employment declines, production and output start to decline), trough(Output and employment start to become static. Can become a depression), expansion/recovery(Everything start to increase the economic situation begins recovering
  • Lastly the teacher gets fed up with how many questions the kid is asking so he tells him to leave.
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