Economy
Storyboard Text
- What is the economy all about?
- Hi! Can you help me learn about business, so I can start my buisness with the right path.
- Hi! Absoluetly I can, I'll teach you about the four most important elements of the economy, and how they relate to buisness as a whole.
- Wants and Needs.
- Wow! This will help me decide what I want to sell, and how it appeals to consumers!
- First, I'm going to teach you about wants and needs. A want is something you want, such as the new iphone, while a need is something that is considered a necesitie. Such as food.
- Types of economic systems.
- Thanks! These will definitely impact on how I sell these goods.
- They're four main types of economic systems. They are Market, Mixed, Command, and Traditional. These systems can impact how you sell your goods
- The two people are just meeting each other, the student asks the business owner if he can help him learrn about business, so he can successfully start his own compny.
- Supply and Demand.
- Wow! Supply and Demand helps me decide what to sell this product for.
- Another very important feature to business, is Supply and Demand. In Supply and Demand, if the supply is higher than the demand the price lowers since there is a surplus of the item. If the demand is higher than the supply the price is higher since there is a shortage. Generally there is an exlibrium where both parties meet.
- Wants and needs are a very important aspect of a company. The company decides if they want to make a want, or if they want to make a need. A want is something like the new iphone, a vacation, the new television. While a need is something such as food, clothing, shelter.
- Business Cycles.
- Wow. Now I can finacially decide when to set the prices at the highest, lowest, and expand.
- Business Cycles are also very important. As they're 4 major points of a Business Cycle. Peak, Recessions, Trough, and Expansion. They can decide when prices are the highest and when prices are the lowest
- Types of economic systems are also very important to a business, as this is how they dictate how they sell their good to consumers.
- The conclusion.
- Alright! I will. Thank you for everything!
- I have taught you all about business and the economy now hopefully you will take these and help you start your business.
- Supply and Demand is a very important part of business. It can decide whether the prices are higher or cheaper for the consumer.
- Business Cycles are very important. They can decide which stage a business is in currently.
- Now the student is smarter than ever, and determined to run his business succesfully.
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