What is the economy all about?

What is the economy all about?
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  • yeah sure Joe wants and needs  so wants are something that you want like you having to have the new iPhone 
  • hey jimmy i am trying to figure out what wants and needs are can you help 
  • ok, what about needs Jimmy? 
  • ok so needs are something like if you were an adult you would need a job or a house 
  • yep actually joe i  can't seem to remember the different types of economies 
  • see you at school joe
  • ok thanks Jimmy and if you need help just let me know 
  • well there are four different types there's market command mixed and traditional 
  • dude that supply an demand lecturer was so good I learned so much 
  • yeah I like that now I know that when there is a shortage of something the demand for it goes up
  • and that means the price goes up I also like how when the supply for it is really high the price goes down makes life so much easier 
  • and bad years and how the company can star good then lose business and then gain it back 
  • you know this store kind of reminds me of a business cycle how in them  there are good years
  • yeah you're right  my moms business has those types of years too 
  • how did figure out a way to explain its so hard for me to understand 
  • ok so picture a roller coaster it's just like a business cycle it has its up and down just like a roller coaster dose 
  • yo I just learned how to explain what a business cycle is to the class
  • you ready for the assessment today because I am  
  • yeah and I learned about supply and demand and wants and needs safe to say we all good 
  • see ya 
  • yep I am 100% ready I know about the four types of economies learned about business cycles 
  • yeah hope you do good on it see you tomorrow 
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