What is Economy
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Economy Content
Storyboard Text
- I really want this new iPhone that just came out. But I don't need it since I already got a new phone last year,
- Working at a Private Business is amazing! You have more freedom and you can create your own rules/speculations!
- Market Economy
- Even though I need to follow more specific rules/speculations, I get to help out with one of the most important distributions of the government. Gold and especially oil.
- Command Economy
- As a worker for the mixed economy, my job is to organize and help out with utilities, electricity and running water for the whole city.
- Mixed Economy
- As i'm getting older and coming closer to retirement, I am passing down our family business to my son.
- Traditional Economy
- Wants and Needs. This scene is showing how a customer really liked the new iPhone that had just came out and would love to buy it but it isn't an absolute need since they had bought a new phone for them the year before.
- Would you like to buy our newspaper of the day for $5 sir?
- Sure! I'll gladly buy it.
- Types of Economic Systems.Market Economy- The government doesn't interfere, sometimes very little. Private businesses hold the power. It is based on the concept of the "free market". This system is mostly theoretical. Command Economy- The government has the power of this economy. It controls the gold and oil distribution. This is a planned system type-economy but it reacts very slowly to sudden changes , meaning they can end up in a crisis very quickly.
- Our business has been booming lately! Thanks to Tiktok, now everyone wants to have our products!
- Peak in Economy
- Since our peak had lasted for awhile. Now its slowly going down because the trend is starting to go away.l
- Recession in Economy
- Types of Economic SystemsMixed- Most of the western hemisphere uses this economy. This economy has control over utilities, electricity, and water. This market combines market and command economy. Traditional- This economy has very little wastage compared to the other economies. This is also the most ancient economy. This economy is also based on goods and services.
- My business is almost bankrupt. I barely have any more employees to run it.
- Trough/Depression
- Okay! Sounds like a plan.
- Expansion/Recovery
- I would like to get hired please!
- Supply and DemandSupply- The "suppliers" are the people who produce the number of products to the public.Demand- The "demanders" are the people who buy the suppliers products.
- Business CyclesPeak- During the peak of an economy, their business is booming. Meaning their employment levels are high, great risk of inflation, an increase in prices and income, and overall business investors are happy.Recession- This is when the economy is slowly falling apart.
- Business CyclesTrough/Depression- This is the lowest a business can go. No jobs, people are not getting hired.Expansion/Recovery- During this time, this is when the economy starts growing fast again. They also are hiring more people, production and the output of it all increases during this time.
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