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  • Alex! I could hear you thinking about the economy. Lucky for you I know all about the economy. oooo
  • wow!
  • The 2nd is Command. Command is where the people rely on the government to make all the decisions. The 3rd is Mixed. Mixed is when there is a balance between peoples choices and the governments
  • There are four different types of economic systems. The first is Market. Market is driven by the consumers and individuals decide on what they need. 
  • The 4th one is Traditional. Traditional is based on cultures and rituals. It focuses on the community as a whole
  • oh so the new IPhone is a want but food and clothes are a need
  • A want is something that you do not need to live. A need is something that you do need to live. After paying for all your needs, if you have money left over you can use that to buy something you want
  • Everyone has wants and needs. Companies products are based on those wants or a needs. 
  • Alex was at the amusement park on sunny day and while she was on the ride she was thinking about what the economy is. Suddenly a ghost appeared and told her all about it.  
  • So if a product is cheap the price will be lower and they will have a lower supply of it but the more expensive it gets the demand goes down and they will have more supply of it
  • Supply and demand is pretty interesting. Companies will put the demand for a product and the supply of it on a graph and see where the lines intersect and that is how the decide the price for the object.
  • Alex was terrified but decided to ask about the economy anyways. The ghost proceeded to tell her about the different types of economic systems
  • The economy rises then falls and keeps repeating itself. When the economy is at its peak it will have to fall eventually. 
  • After peak comes the recession. When the economy starts to fall but not completely. Then comes the trough. This is when economy is at its lowest point. 
  • This lead into a conversation about peoples wants and needs
  • Thank you ghost for teaching me all about econonmy 
  • It was a pleasure being to the one to teach you. Now I'm off to go haunt some people
  • After a long talk about wants and needs, the ghost started to tell Alex about supply and demand.
  • Alex and the ghost move onto business cycles. She explains how what goes up must come down applies to business cycle
  • But then the economy recovers and will hit its peak again!
  • The ghost and Alex say goodbye and she vanishes into thin air.
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