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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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