What is Economy About?
Storyboard Text
- I need Milk and eggs, but I kind of want ice cream
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- Needs: Becky is walking to the grocery store and is thinking about how she needs Milk and Eggs. This is an example of needs because Milk and Eggs are necessary to live because you can make other things with them to eat.
- peak depression peak depression peak
- Types of Economic systems: This is a Traditional economy. Eric is working on his farm, he is harvesting crops so that he can sell them to make money within his town. He sells hings at his local farmer's market that has been passed down to him from generations before.
- supply and demand: Jared is working on the supply and demand of the phone company that he works at. He is trying to figure out how much product people demand at a certain price, and how much product his store can supply at that price. He doesn't want to be in a surplus or in a shortage of supply, meaning he needs to find where supply and demand are equal.
- business cycles: Barbara is working at her desk trying to figure out what stage of the business cycle her company she works for is in. They are doing well and their sales are better than ever before, this means they are in recession because they would be going downhill. They aren't in depression because that would mean things are as bad as they ever have been. They aren't in recovery because they just got done with that. They are at their peak, meaning they are at the top of their sales and profit.
- Wants: Jacob goes out to eat with his wife because he wants to have a nice meal. He needs food to stay alive but he doesn't have to have a nice meal to survive so this is more of a want than a need.
- Goods and Services: Larry is walking into the super market to pick up some groceries from the store. This is an example of buying goods because goods are basically objects or products which have to be manufactured, stored, transported, marketed and sold. Services are like subscriptions, fundraisers, and things given by other people, therefore it isn't a service as he is doing it himself
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