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Principles of Economy
Updated: 9/28/2020
Principles of Economy
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Storyboard Text

  • During meeting...
  • So team, how do you think the new Joe's Ice cream shop should be run?
  • Jason's idea...
  • I think we should not let the customers have an option over what they choose, and we will pick for them.
  • Well I think we should let the customers pick and choose what flavor they want and we choose the price.
  • Keira's idea...
  • Joe's ice cream shop is opening soon, and the team needs to figure out how it is going to be run.
  • Sierra's idea...
  • Well I think we should only have basic flavors, and only sell what is the basic necessity of ice cream.
  • This is describing a command economy, which is the government controlling the entire economy.
  • Ray's idea...
  • I think we should let the customers choose whatever they want and set the price to whatever and let them control everything.
  • This is describing a mixed economy, which is the government and the people each have a say in the economy.
  • Final decision...
  • I think the smartest idea for Joe's ice cream shop is Keira's idea, the customers can control their flavor and size, and we control the pricing.
  • This is describing a traditional economy, where the economy only consists of basic materials that are needed to survive.
  • This is describing a market economy, where the people decide and have control over the entire economy and the government doesn't get involved.
  • A mixed economy would be the wiser option because the customers should be able to choose how they want their ice cream, but to make it fair for everyone, the company should determine the pricing.
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