What is the economy all about?

What is the economy all about?

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  • You mean you want the purse? You don't actually need it.
  • OMG Brian! Look at that shirt inside the store! I need that, it's so cute! Let's go inside!
  • This isn't a Command economy where the government picks the price of everything, you can go to another store with better prices.
  • Ugh. The price of this shirt is way too expensive. We should just go.
  • I guess so.
  • I guess it's off to the next store.
  •  A want is something you desire, but don't actually need, and a need is something that is essential for you to live.
  • Well, when there is more of a supply than a demand in products, businesses have to lower the prices of goods for them to sell.
  • Wow these clothes are for a great price! Only $5 for this shirt! How is that possible?
  • There are different types of economy systems in our world that have different characteristics.
  • Well, our economy is at its peak right now, meaning that employment rates are up and production is high. 
  • Now hiring. Wow there are a lot of those sign around town.
  • Anytime.
  • Wow thanks for telling me so much about our economy.
  • If there is a higher demand than supply, the prices go up. If there is a higher supply than demand, the prices go down.
  • Our economy goes through different cycles of lows and highs and it's constantly changing.
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