What is the economy all about?
Storyboard Description
What is the economy all about?
Storyboard Text
- I really hope they keep those bagels in stock they are so delicious!
- What economy is all about?
- Well, those bagels will only stay in stock if people keep buying them, its based off demand. if there's a lot of demand the brand will supply
- -Gives food- thanks for the goods!
- -checks her out- Have a great day!
- Supply and demand
- Do you know the difference between a want and a need
- Of course! A want is something like a video game, a new movie, toys. On the other hand a need is something like food, or water, something you depend on.
- this is a service, it when someone does something for you, for example deliver food like in the image
- Hello there, a business cycle is about a certain company that either fails or is in success. Peak is when the company is in success, rescission is when When the economy falls from its peak and employment and production decline as well as wages and prices leveling out.
- Hey dad, I have a question what is a business cycle and what does it do?
- You can see that this person is buying a good(which is food) from a store
- Hey, do you know what types of economies there are?
- free market is Based on supply and demand, Limited regulation, Powerful private entities And and little government interference. Mixed is under strict regulatory control. There globally known as the global market Most of industries are private, They struggle with finding balance between balance. Command is when the government controls a significant part of the structure; if that fails it may lean towards a certain side and a Private industry. The traditional economic system is about goods, services and work which all of them follow a sort of trend. It relies on a lot of people and it is one of the most ancient economic systems
- wants and needs
- Trough/Depression When the economy goes down and everything is failing and bankruptcy is on the erg Expansion/Recovery After tough points the economy starts to grow which increases employment, production, and output.
- types of economic systems
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