What Is The Economy All About?

What Is The Economy All About?

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  • Omg, I NEED to have the new iphone
  • Do you really? You see...
  • Hmm, I never knew that, I guess just want it
  • A need is something necessary to your life, a want is an extra item you'd like to have
  • Ugh, the gum is always sold out
  • Yes, there's a very high demand for it right now, the suppliers can't keep up
  • Jeez, I wonder why so many stores are going out of business
  • The economy is in a trough, people can't find jobs, so they can't go buy anything, so businesses are forced to close
  • I love how there so many different kinds of items for sale
  • What's a mixed economy?
  • That's because we live in a mixed economy
  • You mean there are places that aren't like that?
  • Yes, there are command economies, which has complete government control. There are also traditional economies
  • It is an economy where there is some government regulation, but businesses can mostly choose what to do
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