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Do you know what the difference between wants and needs are?
Yes. A want is something that you would want but it's something you get to have. A need is something that you need for your own benefit. For example, shoes could be a want and food would be a need.
The traditional economy is the economy that is based off of culture.
Whats the traditional economy?
The market economy is an economy where choices from the consumer decides how financial markets work.
What is a market economy?
Wants and Needs
The command economy relies on the government. So the command economy has the government to make all of their decisions.
Do you know what the command economy is?
Traditional Economy
What is the cycle of business?
The business cycle is a cyclethat most businesses go through. There are 4 parts to the cycle. Expansion is when a business starts to rise. Next is peak and that is when the business is at it's highest. After, the business contraction is the nest phase and that is when business slows down. Lastly, there is when the business is a peak and the business is at its lowest.
Market Economy
Supply is the amount of product a company has. Demand is how much people want that product.
What's the difference between supply and demand
Command Economy
Business Cycle
Supply and Demand

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