Economy
Storyboard Text
- what is the difference between a need and a want?
- I don't know.
- what are the economic systems?
- there is traditional, market. mixed, and command economies
- what does that even mean??
- A need is something you need to survive and a want is something that is not essential to someone living day-to-day life.
- what is supply and demand?
- supply is what the company is willing to stock
- there are 4 different types of economies
- what about business cycles?
- there is a peak, recession, trough, and expansion/recovery
- traditional- follows a trend and doesn't really change much based on what has already been establishedmarket- based on free markets mixed- combo of market and command command- the government is in control of the valuable things
- do you get it now?
- yeah, that wasn't so hard.
- demand is what the consumers are willing to buy
- peak- a high point in the economy trough- a low point in the economy recession/depression- long term trough expansion/recovery- things start looking up and getting better
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