Economics by Jolin Goh https://padlet.com/jolin_goh/23zzdjxnrah42udh Made with fortitude en-us 2021-08-25 06:30:31 UTC 2025-12-04 20:32:28 UTC hello@padlet.com Free Market, Mixed + Command Economies JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695511493 2021-08-25 06:33:20 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695511493 Free Market Economy JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695512797 No government intervention 
Where producers (aim: to max profit) and consumers (aim: max satisfaction) 
This economy functions by the firms and consumers according to price signals through the price mechanism.]]> 2021-08-25 06:34:15 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695512797 Price Mechanism JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695514029 In a free market, producers and consumers uses the price mechanism. Price mechanism sends signal to producers on what to produce. 

]]> 2021-08-25 06:35:00 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695514029 Advantages and disadvantages of free market economy JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695516384 2021-08-25 06:36:27 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695516384 Shortages/ Excess Demand jolin_goh https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695521985 Prices increase -> signals to producers to expand production to meet the high demand -> producers will employ more resources to increase production -> new producers may also enter the market (want to divert their resources from unprofitable production to this said profitable production)-> Consumers being rational will increase their demand. therefore qty demand increase


]]> 2021-08-25 06:39:50 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695521985 Surplus/Excess Supply JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695536722 Prices decrease -> signals to producers to cut back on production -> producers will employ less resources and also divert their resources from unprofitable production to this said profitable production -> Consumers being rational will decrease their demand. therefore qty supply increase

]]> 2021-08-25 06:49:20 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695536722 JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695543441 2021-08-25 06:53:55 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695543441 Planned/ Command Economy JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695549268 Only the government intervenes
Aim: To improve well being 

All production by the firms are being instructed by the govt.
The Govt will inform firms what to produce, how to produce and for whom to produce
]]> 2021-08-25 06:58:07 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695549268 ADVANTAGES jolin_goh https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695549984 Efficient allocation of resources
Competition between firms => increased innovation and invention leading to greater profits for firms
 With competition, firms are motivated to reduce cost of production therefore consumers enjoy cheaper goods
Consumers are able to enjoy more goods and services
Consumer sovereignty (consumer is the king)

]]> 2021-08-25 06:58:33 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695549984 DISADVANTAGES jolin_goh https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695550105 2021-08-25 06:58:39 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695550105 Advantages and disadvantages of planned economy JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695550301 2021-08-25 06:58:48 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695550301 DISADVANTAGES jolin_goh https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695551116 Externalities 
No production of Public goods (Free rider problem)
Too many demerit goods being produced
Too little merit goods being produced
Monoply
Greater gap between rich and poor widens
Prices may be unstable

]]> 2021-08-25 06:59:25 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695551116 Mixed economy JennyWee https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695570022 Government only intervenes sometimes

Under mixed economy, Economy is function by firms and households. When market failure occurs, govt will intervene]]> 2021-08-25 07:12:17 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695570022 ADVANTAGES jolin_goh https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695573765 Increased production of Merit + Public Goods 
Less inequality of wealth - narrower gap between rich and poor
Prices are more stable
Externalities are being taken care of

]]> 2021-08-25 07:14:36 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695573765 DISADVANTAGES jolin_goh https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695574027 2021-08-25 07:14:46 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695574027 DISADVANTAGES jolin_goh https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695574374 Only government decides what to produce 
No consumer sovereignty]]> 2021-08-25 07:14:58 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695574374 DISADVANTAGES jolin_goh https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695593551 2021-08-25 07:27:10 UTC https://padlet.com/jolin_goh/23zzdjxnrah42udh/wish/1695593551