To me, economics is anything and everything related to moola… saving money, spending money, earning money and even paying taxes…these are examples of what people do with their money. Let’s say you go to the mall and you shop at 3 stores, the money you give the cashier would be a sale for them and an expense for you. Some of the money they earn would go to buy new products, pay the employees and maybe pay loans they take out for the business. Businesses make money when there is a supply shortage, of goods and services. They lose money when there is no demand for a product and they have a lot of inventory left over. These transactions happen all the time, all over the world. What are you doing with your Benjamin's?
Hey Nikita, I really like how you described economics. I agree with what you said about how people shop and the businesses do all kinds of things with the money they have. My dad is an economic major so I think it is really cool how we get to learn about economics in social studies this year. What about you?
ReplyDeleteNikita, this is a good piece of writing...well done!
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