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What's the difference between a want and a need?
A need is something that is necessary and a want is something you just want.
Great! There are 4 types of economies: Mixed, Traditional, Market, and command. If you went to buy a new phone, would you be the supplier or the demander?
The teacher is teaching the students about what an economy is.
You would be the demander because you want the new phone, your not giving them out.
BINGO! That is exactly right. How do business cycles work?
Very good. Class dismissed.
Theres 4 stages: Peak,Recession,Trough, and Recovery.
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