What is the economy all about?

What is the economy all about?

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  • I am at a restaurant and they provide a service. It is for needs
  • Supply and demand is making a profit on what it takes to make a product.
  • The four cycles of business are the Peak, Recession, Trough and recovery.
  • There are four cycles of business
  • There are places that sell wants versus needs, needs are like place to get food. Example would be a supermarket. That is needs because it provides a place for food to be accessed and purchases
  • Pets and other things are more wants than needs. You could survive without these.
  • A huge part of supply and demand is making enough but not too much to the point where you lose money. Making it just for the right price and making the right amount would be perfect for your business to grow.
  • This store is unfortunately at rock bottom or at least extremely close.
  • The peak of a business is everything increasing and everything going extremely well. Next that comes up is the recession and that is somethings are going well but starting to struggle. The trough is almost rock bottom and then recovery is reaching rock bottom and waiting for the next peak.
  • There is so much to chose from and i don't even know where what i want is at.
  • The stores like Toys R us or 5 below are for the most part just selling goods instead of being an actual service that supplies food and clothes.
  • This store has reached rock bottom and it doesn't have anything left to offer and they are now waiting to get the cycle of recovery. Right now they are on the cycle of Trough.
  • There are many different types of stores in the economic world. For example a supermarket has focused only on foods and it is easier to find food and have more choices than some mixed market places like target.
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