What is economy all about?

What is economy all about?
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  • Aye bro, I really want that new Iphone.
  • Do you really need that phone though?
  • Dude, I really need some new cloths. Mine have holes in them.
  • Yea, I agree
  • Man!!! Our economy sucks
  • Yea I agree. Why can't we have a mixed or market economy? Instead we have a command economy
  • Death in the robe here wants a the new Iphone but he has a perfectly good phone right now and that would be more of a want then a need.
  • I'm so glad that we changed to a mixed economy.
  • Same dude, I think it gives a good balance to the country.
  • Cloths is a need instead of a want because cloths keep you warm.
  • Yo, this new video game is really hot right now. We should get it
  • Yea me too, but I heard they were out of stock.
  • So they have a command economy, which means that the government makes all the decisions for the country and the people have no say.
  • Did you here about that business at their peak?
  • Yea I did, but eventually they are going to have a recession.
  • A mixed economy allows the people to make some decisions but the government still makes the important decisions. As for a market economy, that means that the people make most of the decisions and the government doesn't do anything
  • The company didn't think their game would blow up as much as it did. They had such a high demand for the game, but they didn't have the supply to give to the customers.
  • Every business has a peak but not every business can stay at their peak. Eventually they will have a recession and if they are unlucky they will have a depression, which means they have a high possibility of going out of business.
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