https://padlet.com/05349751/29w7x75ghe07pubd Ivana Sequeira Period 4 en-us 2021-05-28 16:35:41 UTC 2025-10-05 04:23:10 UTC hello@padlet.com 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1569038177 A type of economy where the people buy or sell out of their own interests.]]> 2021-05-28 16:36:44 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1569038177 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1569073090 The value of a certain product is based on the amount and demand of the product.]]> 2021-05-28 16:47:54 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1569073090 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571624964 The government has limited power in terms of the economy. It's is to make sure that the rules are enforced and applied equally. ]]> 2021-05-30 14:09:00 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571624964 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571643486 Most societies in the modern incorporate all three types of economies in their current economies, making them mixed economies. ]]> 2021-05-30 14:28:44 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571643486 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571652546 Majority of goods and services are privately owned. The business owners can sign contracts giving them the rights to profit from ownership.]]> 2021-05-30 14:38:43 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571652546 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571654653 Business owners sell their goods and services to whoever offers the highest price while negotiating the lowest price for their own purchases. Which in turn benefits the economy. ]]> 2021-05-30 14:40:56 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571654653 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571661498 Competitive pressure forces prices to remain low. Also ensuring that society provides goods and services most efficient way possible.]]> 2021-05-30 14:48:31 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571661498 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571664664 Owners are free to sell, buy, and produce services in a competitive market. Their only constraints are the price they are willing to buy and sell at, and the amount of money they have. ]]> 2021-05-30 14:52:11 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571664664 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571680165 A type of economy, where all economical decisions are made by the government.]]> 2021-05-30 15:09:31 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571680165 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571682097 The government controls all means of production, meaning it determines, who works where and how much they will be paid, which creates more structure than in a Market Economy. ]]> 2021-05-30 15:11:42 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571682097 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571686122 In a Command Economy, the government can set wages and job openings to lower the unemployment rate and equalize wage distribution.]]> 2021-05-30 15:16:28 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571686122 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571693147 Because the government is controlling all aspects of the economy, there is no possibilities for innovation in the economy.]]> 2021-05-30 15:24:22 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571693147 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571701105 Production in a Command Economy is much more inefficient than in a Market Economy. With no competition, there is a lack of urgency to produce more, which also creates a lack of innovation.]]> 2021-05-30 15:33:53 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571701105 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571714304 The government owns everything that is involved with the economy, which in turn does not allow investments in anything.]]> 2021-05-30 15:48:28 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571714304 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571721278 Motivation in a Command Economy comes from benefiting the common good. A Command Economy can tailor the services and products it offers to benefit the people without worrying about profits or losses.]]> 2021-05-30 15:55:54 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571721278 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571725129 Private enterprise is nonexistent in a Command Economy. The government is the employer to all workers and is the only entity that decides the wages and duties of workers.]]> 2021-05-30 15:59:45 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1571725129 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580004659 A type of economy, where economical habits do not change no matter the situation.]]> 2021-06-02 16:14:04 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580004659 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580018879 In a Traditional Economy, everyone has an assigned job that stays with their family for generations. This results in little to no friction, or no disagreements over who does what.]]> 2021-06-02 16:18:30 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580018879 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580040434 In a Traditional Economy, the community does not have the ability to produce well above their means. Therefore, there is little to no waste.]]> 2021-06-02 16:25:06 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580040434 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580049834 Traditional Economies are exposed to changes in the weather, which negatively affects the community. If there is low productions of crops the community will be negatively affected.]]> 2021-06-02 16:27:47 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580049834 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580069764 Traditional Economies are also vulnerable to other types of economies. Market and Command Economies often use up the natural resources that Traditional Economies depend on to thrive.]]> 2021-06-02 16:33:33 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580069764 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580082098 A Traditional Economy is modeled after how a certain community lives and also past means of production.]]> 2021-06-02 16:37:23 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580082098 05349751 https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580096042 A Traditional Economy does not rely on a single currency. It relies on a system of direct trading in order to upkeep it's production.]]> 2021-06-02 16:41:32 UTC https://padlet.com/05349751/29w7x75ghe07pubd/wish/1580096042