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  • A need is a requirement to live.
  • I want to request a song.
  • I need to buy some of this food. 
  • A want is something that you desire.
  • North Korea has changed from a command economy and has become a mixed economy.
  • a mixed economy means they can sell to anyone and buy from anyone they want in a command economy the government controls everything.
  • do you think any countries will become a traditional economy, a traditional economy is focused on hunting and farming and culture.
  • No I do not think so, do you think any countries will change to a market economy, a market economy is where the government has no control and only the people can make decisions.
  • wants and needs
  • the supply of apple phones has reduced since the demand has raised so much
  • they could raise the price by $100 and people would still buy them
  • economy
  • the economy in the U.S is at a peak and everyone is happy
  • In England the economy is at a recession
  • the economy is at a peak because employment is at a high and so is supply and demand
  • economy
  • England is going into a trough and if it lasts long enough it will be a depression and the employment is low so the supply and demand is also low.
  • supply and demand
  • business cycle
  • business cycle
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