what is the economy all about

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
  • thank you 
  • 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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