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Wants are things that you think you need. Needs are things you need. You want to live in a big but what you need is just a place to eat sleep and bathe.
Market economy is based off competition and prices are determined by the interaction of supply and demand. Command economy is where someone tells everyone what to do and is basically a dictator
mixed economy is where it is a mixture of all economies. Traditional is when it is is based off of tradition.
the amount of product, or service available and the will of buyers for it, considered as the stores deciding its price.
business is a cycle or series of cycles of economic expansion and contraction.
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