What is the economy all about?

What is the economy all about?
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  • Marcus: Hey Isabella, how have your first two weeks of school been? Isabella: Good, I have been learning a lot. Especially in my intro to business class.
  • Marcus: Intro to business? What have you been learning? Isabella: I have learned many things like; wants and needs, types of economic systems, supply and demand, and business cycles.
  • Marcus: That sounds pretty hard, could you maybe explain those to me. Isabella: Sure it really is not that hard. Let us start with wants and needs. Wants are something that we want, but do not necessarily need to survive. While needs are the exact opposite we need those to survive.
  • Marcus: Oh, that seems pretty simple. What is next? Isabella: Well, I guess next is types of economic systems. There are four different types, Market, Mixed, Traditional, and command economies. They all run a little differently.
  • Marcus: That seems pretty easy too. Next is what give and take? Isabella: No silly next is supply and demand. This is a way to show how a supplier can produce a certain amount at a certain place and what the demand will be for the product at the price.
  • Marcus: I understand, this class seems kind of fun! Isabella: It is pretty fun. Finally, we have business cycles. Business cycles are the cycles of an economy when they peak, hit rock bottom, and then peak again.
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