A command is economy regulated by the government. A Mixed is were there is government and free market.
A free market is basically driven by consumers and they choose how their resources are used. A traditional is were it is very cultural and community works as a whole.
You get a point!
A business cycle is were a business might have a great high on sales and money but then things might start going down hill and then they're in a trough and then it turns into a depression. Then they have to build themselves back up and get working.
What's a Free market economy and a traditional?
Hah, i have a hard one for you. What's the difference between a want and a need
A need is something that is crucial to everyday life like, water and food.
EasYYY. A want is something that you don't need to live everyday like a computer.
The amount of the product and how much is costs and the comsumer desire for it.
Now i have a hard one for you what's supply and demand?
One more, because were here. Explain a business cycle.