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- Supply and Demand
- It all depends on supply and demand. Supply is how much of the product is made and demand is how much of the product customers want.
- Why are your prices always changing?
- Economioc Systems - Market System
- No. There are four different economic systems. Supply and demand are the market economic syestem.
- Does every country rely on supply and demand?
- Economic Systems
- They are command, mixed and traditional. Command is controlled by a dominant centralized authority that is usually a government...
- What are the other economic systems?
- He continues to explain that if there is more supply than demand the prices lower so the product sells. If the demand is higher than the supply then the prices rise so the product doesn't sell out as quickly and the company can keep up better
- Wants and Needs
- How does your business decide what products to make.
- He explains that the market economic system is based on concept of free markets which means there is litte government interference.
- Business Cycles - Peak
- It is impressive that your business is always so busy.
- Mixed is a combination of market and command systems. They tend to struggle to find the right balance of company and government control. In second and third person companies is where traditional economies are usually found. This is the oldest economyand it is based on goods, services, and work.
- Business Cycles
- He explains to her that needs are things required to live and wants are things that make people'slives more convenient.
- We base what we produce on our customers' wants and needs.
- He explains that a peak is when the company is at its highest level.
- It most likely won't last. We just opened. We just happened to be at a peak right of the bat.
- He then explains what each phase of the cycle is. Contraction is during economic slowdown. When this stage gets to the lowest point is when trough takes place. After trough the company recovers which is expansion.
- Exactly. After the peak is contraction, trough, expansion, then the cycle reapeats.
- Is it a cycle?
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