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- What is the economy all about?
- ah, ok, to start off firts there are many parts to the economy.
- hello Bill, why aren't you in your study hall.
- hi Mr. Ranold Rump, I came to ask you what the economy is all about.
- what are wants and needs
- well a want is the opposite, it can be a good or a service only it is not as inportant like a toy.
- One of the most important topics with the economy is wants and needs
- I knowe that a need is a good or serivce that will help someone but what is a want?
- types of economic systems
- well, traditanol has been arounf forever, used in acient itmes. mixed is the combination of market and commad....
- There are also four economic systems, mixed, traditinol, market, and command.
- really, I always thought there was just one system, but what are the diffrence between them?
- In this scene, the bill leaves his study hall to go find the school librarian Ronald rump and ask him about what the economy is all about. The economy is very important to our society, it's the foundation for our economic system.
- types of economics
- ...is a system that is fully controlled by the govenrmet. Moslty communist use this system.
- I do remeber my paretns telling me about how the market system is moslty made of private buyers and has the least amout of governemt interferce, like a farmers market.
- In this scene, the school librarian teaches bill the difference between wants and needs in an economy. However, in the real economy companies meet more needs than wants due to the fact that they know there good that's want will lower in demand over time.
- supply and demand
- well bill, demand is the quanity of a good or service the buyrers are willing to pay and supply is the amount of good or service that producers are willing to offer for sale at eacxh price.
- In this scence Ronald Rump shares with bill about the four diffrent economic sytems. As the four systems may seem completly diffrent, they actuallly have things in common. All are somwhat controlled by the governmet, all have done sides, all are also combinations of each other and last is they play a big role in our economy.
- buisness cylces
- the last thing you need to know about is a buisness cycle. its a summary of what happends to a company over years and time. This would show were the buisness started at and were it is at currently right now. So I hope my speech anwers your question.
- In this scene, Mr. Ronald Rump talks more about the four main economic systems and introduces a new topic that goes along with the current conversation, supply and demand.
- your exactly right, but another big topic that goes into this topic is supply and demand.
- whats supply and demand?
- As Mr. Ronald Rump continues to explain demand and supply, there are two thers things that happends to supply and demand. this would include surplus, when there is to much product but little demand. Then there are is Shortage were it's when there is low rices but the demand is higher than the supply.
- now bill, let's not get ahead of ourselves yet, you still need a pass to your next period also I will tell you one more inportant thing as we get in my office.
- oh, ok it all is coming to me know thank...
- In this scene Mr. Ronald Rump tells bill how there is an entire cycle to economics and changes that companies make that could lower and rasie there stocks over time due to all of the trerms we learned today from the previos comic scenes.
- it sure does, I learned alot today thankyou so much, see you tomarrow.
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