Unknown Story
Storyboard Text
- What is the economy all about?
- A need is something necessary to live, and a want is something to make life more enjoyable.
- Wants and Needs
- Businesses sell products based on people's wants and needs.
- Market: Runs on supply and demand.Mixed: Same as market but strict government control.Command: Under complete government control.Tradiional: Primitive trading system run by the people.
- Types of Economic Systems
- There are four types of economic systems.
- Businesses will not make more of a product if nobody wants to buy it. Businesses will tend to make more of a product if more people are willing to buy it.
- Supply and Demaand
- Supply and Demand go hand in hand. Without demand there will be less supply. If demand is high, supply tends to increase eventually.
- Expansion: Business is growing and sales are upPeak: Business reaches highest point factors stay constantContraction: The economy slows down and starts decliningTrough: GDP is at it's lowest, stuck at negative growth rate
- Business Cycles
- The four steps in business cycles are expansion, peak, contraction, and trough.
- I think I understand the economy a bit better now.
Over 30 Million Storyboards Created
No Downloads, No Credit Card, and No Login Needed to Try!
