Economy
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- Mom, can I have this candy bar? I need it
- No son, you don't NEED that candy bar, you want it. There is a very big difference.
- You see, wants are things that you desire but don't necessarily need for something important, like survival. A need is something that is necessary to survive or get a job done
- It's important to keep this in mind because wants and needs are one of the four main concepts that make up modern economy. The second part of economy is the type of economy and who handles the money. The four types are Market economy, Mixed economy, Command economy, and Traditional economy
- Market economy is an economy that is controlled by the consumers. Command economy is operated by some sort of branch of the government. Mixed economy is a balanced mix of Market and Command economy. Lastly, traditional economy is based on culture and the choices of previous generations. Most modern societies use a mixed economy, but no matter what economy you use, you need to have supply and demand
- Supply and demand is the desire of a product and the amount available to consumers. Supply and demand is important to make sales and gain income as a business. Income is also represented by business cycles.
- Business cycle is the downward and upward movement of a company's sales and income. usually shown on a graph. The company's GDP is a good representation. All of these things are important in visualizing and establishing a good business / economy
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