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what is the economy about?
Storyboard Text
- I want to start a business when I grow up but I don't know much about economics..
- I will go do some research on the internet
- what makes this different than a want is that many people use this type of transport for work. they cant live without it.
- this public transport is an example of a need because people meed to get places and may not have a car.
- I am outside of the white house the symbol of america. did you know that america is a mixed market economy?
- after he checks the internet he has become a pro at economics.
- I am currently outside of a factory. this represents supply and demand. supply is the amount of products we have to sell, and demand is the want from consumer of the product.
- wants and needs can vary between people based on preference or situation they are in.
- the way that it can be simplified is a line on a graph. at its highest it is called a peak. at its lowest it can be called a depression. when it starts to go down its called an economic recession. and when it starts to go up its called a recovery.
- the last thing I'll talk to you about is business cycles.
- a mixed market economy is a system where the government has limited involvement in things like making weapons, electricity, and water companies, etc.. other than that you can run and own your own business.some other economies include command(lots of government involvement) traditional(passed down from generation to generation, mostly religous) and free market (no government involved).
- now with all of this information i can achieve my dream of owning a business.
- high demand=lower supply(shortage)low demand=higher supply(surplus)usually depending on how much of the product there is the more or less money it will be sold for.
- this factory creates a supply for the consumers to buy.
- business cycles and the graph in general doesn't just represent money. it can represent consumers, supply, demand, wages, and reviews.
- timothy goes on to use this knowledge to start his own business.
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