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- Types of Economic Systems
- What are the Econmoic Systems?
- A market economy is an economy with little goverment interference. A traditional economy is based on goods and services it relies on people and qwhat they want or need.
- A command economy is when someone has absolute control and decides everything . A mixed economy is a mix of the best qualities from command and market economies.
- There are 4 types of economic systems which are market, mixed, comand, and traditional
- Supply and Demand
- What is supply and demand?
- Buissness Cycle
- What is the buissness cycle?
- There are four buissness cycles Expansion, Peak, Contraction, and Trough
- He is explaining types of economic systems to the other guy
- Conclusion
- Thank you fro explaining me
- Talking about supply and demand
- Supply and demand is how much people want an item and how much of that item is avalibale to sell. An example is the PS5 everyone wants one so the demand is high but the supply is low so they don't have a lot to sell .
- Explaining buissness cycle
- Expansion is When a nation's GDP shows an upward growth or recovers with time. Peak is when the GDP spikes to its highest.
- Contraction is when the GDp starts going toward the trough. Trough is when the GDP is at its lowest
- Talking to each other
- No problem I am hear to help have a great day.
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