Types of Eocnomies
A company is told by the local authorities that it needs to produce 100 extra cars this month to meet hte national production quota.
command
When choosing a sit for his factory, a businessman decides that he wan't to by a piece of land on the Ohio river. This allows him to be able to ship easily by water to other parts of the country.
Land
When Mirus spent all her money on a book, she didn't have any left over for the boba tea she wanted to buy at the coffe shop.
Opportunity cost
Bob just got laid off from his job. He is worried because prices are high and he is not sure how he is going to pay for his expenses without a job. He is hearing that more layoffs are coming in the future.
recession
A person goes to the store and sees that the tomato sauce they are buying has ingredients printed on the back. She knows that this is required by law so that all consumers know what is in their food.
Mixed
When purchasing new supplies for producing heir product, a company realizes they don't have enough ________________ because they spent it all on advertising.
capital
When Amare went to 3 different stores looking for the exact shoes she wanted, she was finally ready to pay anything just to get them.
scarcity
Inflation is climbing, but wages are also climbing. everyone is happy because their companies are making lots of money and their wages cover their expenses. Seems like nothing by growth ahead!
expansion
There is an outbreak of food poisoning that comes from a local restaurant. Hwoever, the restaurant is still open because the government says "If you don't want food poisoning, don't eat there. It isn't our job to shut down businesses or tell them what to do."
Market
labor
There was far too few workers in the labor pool. The unemployment rate was at 4%. This meant companies were desperate for workers. Wages have gone up to attract the few workers who are available.
inflation
After a lot of inflation and huge wage ganes, the economy has levels off. Wages are starting level and even fall. Some people say that some companies are getting nervous about what the future holds.
Peak
A worker is paid minimum wage for his job.
mixed
This is the spark that lead a CEO to change the business model of their company to start marketing to other areas of the country to increase profits.
entrpreneurship
The price of eggs slowed as the scarcity has eased on the egg market. While prices have remained high, their growth has slowed.
recession
Unemployment is high and wages aren't growing. But it seems that layoffs have stopped. We may be nearing the end of a recession.
trough