" A lot of economic issues are because consumers can't place wants and needs in their proper categories. They mix up the fact that needs are only what is necessary. "
" Also, many people do not know differences between the types of economies. These types are traditional that has to do with rituals and culture, market that is driven by consumers, command that is driven by government, and mixed which is a combination of market and command. "
" Now I am pleased to introduce you to my friend Jim who will explain to you why it's important to know about supply and demand, as well as business cycles! "
" Thanks Jill! Now I'm going to be talking about business cycles, but first let's get into supply and demand. An example of too much supply for a demand, that is called a surplus, but if there is too much demand and not enough product, then that is called a shortage. In the economy, you really want neither of these. "
" Also, I'm going to talk about business cycles now. Business cycles are basically where a business will have big, sudden success, but over time, that success will lower and they will progress towards a trough from their previous peak. "
" Eventually, most companies and brands that deal with troughs end up rising back to a peak. That's all for me, and I hope what I have said helps you understand our economy! "