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- Introctuction
- Umm, What is economy all about?
- Well, there are for things that make up the Economy.
- Wants and Needs
- We need new toys
- You don't need new toys you want a new toy. The difference between a want and a needs is that you want new toys but you dont need them. A need is something that helps you survive, like water, shelter, clothing and food.
- Types of Economies Pt1 -Traditional and Command
- So why are we infront of a goverment building?
- So today the first economy is traditional. Traditional is make up of goods, serivces and work. The second economy is command. Command is made up of a dominat authority.
- We here becauuse your gonna learn four type of emconomies but we're gonna do two at a time.
- The guy is wondering what is economy is all about
- Types of economies Pt2 Market and Mixed
- The third economy is Market. Maket is made up of the concept of a free maket. Very little goverment interference.The fourth one, Mixed is made of Command and market.
- The children are complaining about why they can't have toys. The mom is explaining the different between a want and need.
- Supply and Demand
- So deman is the quantiy of a good or sevirece. Supply is the amount of goods or service.
- The guy is now asking about all different type of economies
- Business cycles
- What are business cycle
- Continuing to tell the guy about the other two types of economies
- What about the other two economies?
- Now the guy is wondering about supply and deman
- So what are supplu and demands?
- Guy wants to know about business cycles
- Business cycles are like waves some products go up and down. There are 4 different catagory Exansion, Peak, contraction and trough gor example, the new iphone 14 is at its peak. T
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