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  • Dad what is an economy?
  • An economy is a way that a country is ran. There are many types of economies.
  • Really?!
  •  There is Command, Market, Mixed, and Traditional economy.
  • Yup, there are four different types of economies. 
  • But wait, I think I remember my teacher talking about wants and needs, and supply and demand. 
  • Oh yeah! I remember now.
  • Yes, that's right! There are many examples of wants and needs, and supply and demand.
  • Do you know any examples of wants and needs and supply and demands?
  • Supply is the amount of a product that you hare selling. And demand is how much people want the product.
  • Wants are the things that you want but you don't need. Needs are things that you need to survive.
  • That right son, but do you know what happens when the economy doesn't meet these standards?
  • Does the business cycle start?
  • He later when on and told little Jimmy about each economy. He told him how in a command economy, the government makes all of the designations. How in a market economy, the consumers make all the designations and the government isn't involved at all. But no economy is like this but there are mixed economy where there is limited government involved, and has market like concepts. and lastly about traditional economy were they live based off of cultural and rituals. 
  • Good job Jimmy. There are four different stages. 
  • They are Peak, Recession, Trough/depression, and Recovery.
  • Thanks dad I get it now!
  • He the went on into a little more detail with Jimmy about the four topics. He told him that a Peak is when an economy is at it's highest and is running smoothly. A Recession is when the economy is starting to fall but it isn't bad. A Trough is when the economy is bad, and if its for a long period of time it turns into a Depression. And a Recovery is when things start picking back up again.
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