What is economy all about?
Storyboard Text
- I NEED the red toothbrush, it is SOOO PRETTYY!!!
- What do you mean?
- Of course, but I think you meant to say you want the red one.
- Which toothbrush do you want today?
- Ohh I see, thank you, I never really thought about it.
- Where did you learn this? I'd love to learn more.
- No problem!
- I learned it while researching all that economy was about.
- What are the different types of economies?
- I see.. What is the difference between each of them?
- Well, there is traditional, mixed, market, and control economy
- A need is something necessary to live and function. A want is something that can improve your quality of life. Using these criteria, a need includes food, clothing, shelter and medical care, while wants include everything else. While a toothbrush can be considered a need because it is important to care for your teeth, a specific color of toothbrush is a want.
- And what else did you learn?
- Will you tell me about it?
- I also learned about supply and demand.
- Things to do with the economy is the different types of economy (mixed, control, traditional, market), the supply and demand, and business cycles.
- Did you learn anything else?
- Will you tell me about it?
- I also learned about business cycles.
- A market economy is an economic system in which production and prices are determined by unrestricted competition between privately owned businesses. A command economy is an economy in which production, investment, prices, and incomes are determined centrally by a government. A mixed economy is an economic system combining private and public enterprises, generally mixed between the different economies. A traditional economy is a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed.
- Nice talking to you too!
- And now your appointment is over, it was nice talking with you.
- Supply and demand is the relationship between the quantity of a commodity that producers want to sell at different prices and the quantity that the consumers wish to buy. It is the main model of price determination used in economic theory. The price of a commodity is determined by the interaction of supply and demand in a market.
- A business cycle is sequence of periods of expansion, followed by a period of contraction, and finally a period of recovery.
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