Unit assessment for Intro to Businness. Economy unit.
Mom, I want an Xbox! Please! All my friends have one!
No, you don't need a Xbox Johnny. But, you do need textbooks for school so I will buy that.
Great, all the books are out of order. The demand must be high for the books but they have a low supply!
Now I have to go to the library and see if they have copies.
Jimmy is asking for an Xbox which is a want meaning it is not entirely neccessary for his lifestyle. However, his mom says he NEEDS textbooks for school which means its a neccesity for him. So, his mom will buy the textbooks.
I apologize ma'am but we are going out of business. Our books are going back to the government since they pay for our library.
You've got to be kidding me.
Johnny's mother is unable to buy his books since they are out of sale. This is because the demand(The amount of consumers wanting the product) is very high since school is starting and the supply(Amount of goods avaliable for consumers) is at a normal rate causing a shortage of books.
Haha! I actually already got the books. I got them on Amazon since their business cycle is at its peak.
Johnny's mother's only hope is to visit the library and see if any copies are avaliable.
Really Jimmy? You already had the books? I went through so much to look for them.
Revenge! This is what you get for not getting me and Xbox.
The library represents a command economy since they are founded from the government and they chose the library to go out of business and to receive all the books to give to other libraries. If they were traditional, market, or mixed economy, the heads of the library and the consumers can choose what to do with the library.
Jimmy chose to buy the books from Amazon due to their business cycle. Right now, their cycle is at its peak because they have a high supply and demand of reliable products and they are continuously growing due to all of their customers.
Jimmy gets his revenge for his mom not buying him at Xbox. THE END.