Economics
Updated: 2/10/2020
Economics
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Storyboard Text

  • Here, we use Mixed Economy!
  • Lastly, Traditional Economy consists of trading goods. The cost for items is not regulated in any way.
  • So, you're saying that if I buy something, the price will be determined based on the store but there will still be a regulated tax?
  • Exactly!
  • I only have 5 Earth dollars and I can't decide whether to by a box of cereal or a bobble head.
  • Well, the bobble heads are scare while their is an abundance of cereal. This means that there is a low supply of bobble heads and they might be gone soon
  • You know that by buying the bobble head you are giving up the opportunity to buy a box of cereal. The box of cereal is called your opportunity cost
  • OK, I'll buy the bobble head then
  • oh, ok. But look the bobble heads are buy one get one free. I could get one for my sister at no extra cost. That makes them even more appealing!
  • Yes it does look appealing, this is because it is called an incentive. Stores add a bribe of sorts in order for their products to look more appealing.
  • No problem, I hope you learned a little something about our economic system!
  • Thank you so much, my sister will be so excited!
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