what is the economy all about
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wants and needs are two different things
a want is something like a car or a new tv or entertainment a need is food shelter and water
economic systems involve market, mixed , command and traditional
what do those 4 economic systems mean?
mixed has limited government, market doesn't rely on the government its consumers choice. traditional focuses on tradition and rituals , command has the most government access.
the more supply u have the less the demand more demand you have the more the supply
what is supply and demand?
supply and demand is supply the company has and how much money they're making and how much they could make off of there supply
business cycles means the money you make the more your business goes u. if you lose money then your business goes down
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