In the world of Business.....

In a business organization there are 3 main types of business- sole propriety, partnerships, and corporations. This week in economics, we learned about the different types of businesses and how to decide the best business to choose if you were to start one. They all have disadvantages and advantages. We also learned about GDP and business cycles. We saw how there is always a curve where there will be a trough and peak at each cycle. An example of a trough is the Great Depression. We also compared countries around the world, and the differences in their debt, GDP, and interest rates. All in all its been a very successful week and has helped us see what kind of business one would make if they ever wanted to start one. What country did you pick?

Competition Competition Competition!

All this week we learned about competition and competing! We learned about competing by monopolies, perfect competition, monopolistic competition and oligopoly. All of these tie in together to create the division between different businesses to make the best possible product. As kids we learned about monopoly in none other than...monopoly! Tearing families apart at a young age this can also tear young businesses apart as they are overcome by bigger businesses.  Perfect competition is the exact opposite with many people selling the same product. I would give an example of this but...there are no places with perfect competition. We learned about the partnerships businesses can have together or working alone being called sole proprietorship. All in all, all the different ways businesses communicate with each other create the perfect types of businesses aand products for the consumers