What is the economy all about?

What is the economy all about?
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  • I just need the new iPhone X!
  • That's a want, Molly, not a need. A need would be food and water.
  • Now I'm curious about the economy. Tell me about the different types there are!
  • And we live in one!
  • There are mixed, command, free market, and traditional economies, but mixed is the most common.
  • So what is the difference between supply and demand?
  • Supply is how much of a product a company has and demand is how much of the product consumers buy.
  •  Molly's friend, Sydney, teaches her the importance of what is a need and what is a want.
  • What happens if there is too much supply or demand?
  • There is a surplus or a shortage.
  • Sydney tells Molly about all of the different types of economies as they leave the coffee shop.
  • Tell me about business cycles. I wanna learn more!
  • There is a peak in the company, but then it starts falling until it hits rock bottom. Later on, it climbs back up again.
  • The two friends discuss supply and demand.
  • Thanks for helping me learn more about the economy!
  • Anytime! Next, I'll teach you about saving money.
  • Sydney explains how there will be a surplus with too much supply and a shortage with too high of a demand.
  • Molly learns how businesses go through cycles.
  • Molly says goodbye as Sydney leaves her house. 
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