What is an economy?

What is an economy?
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Storyboard Text

  • Dad what is an economy?
  • There's all things like an wants and needs. Let me just show you!
  • You need food to survives but you want toys but you don't need them. They're not important
  • Son asks dad about an economy?
  • There are 4 types of economies one that is controlled by the leader, one controlled by the people, one that uses both and lastly one that is based on traditions
  • Dad starts to tell son about economies.
  • When people want something theres a demand for the product but the company only has a certain amount so that called their supply!
  • Dad tells son what he needs vs. what he wants.
  • Not all economies are good. They go through a cycle. They could be at their best then all of a sudden crash.
  • Boys father tries to explain what types of economies there are. 
  • Dad explains what supply and demand is.
  • Son is stunned by the fact of business cycles.
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