Economic Systems by Grosell, Hazel M - 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq Hazel M. Grosell Period 2 en-us 2021-05-28 14:45:49 UTC 2025-11-21 15:56:17 UTC hello@padlet.com Market Economy: 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568692821 2021-05-28 14:48:00 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568692821 Traditional Economy: 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568697256 2021-05-28 14:49:24 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568697256 Command Economy: 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568698724 2021-05-28 14:49:51 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568698724 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568700762  - A traditional economy relies on cultural history and customs.
* Below is a cultural dance and celebration]]> 2021-05-28 14:50:31 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568700762 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568708158 - In a command economy the government owns all resources,  tells business their product, the amount of that product they produce, and sets all prices.
* This illustration demonstrates Command economy's control over businesses.]]> 2021-05-28 14:52:55 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568708158 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568757292 - Traditional economies depend on agriculture, fishing, and hunting.
- Traditional economies have a nomadic and hunter/gatherer society
* Below is an illustration of a plausible hunter/gatherer society]]> 2021-05-28 15:08:12 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568757292 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568763209 - Asia, Africa, Latin America, and the Middle East often have traditional economies, but you can find them scattered throughout the world. 
* Below is a portrayal of a hunter/gather society]]> 2021-05-28 15:10:04 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568763209 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568771782
  • Communism, socialism, and capitalism have been incorporated into a mixed type of traditional economy in several evolved traditional economies.
    • * Given below are the characteristics of a mixed economy

    ]]>     2021-05-28 15:12:30 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568771782     "Pros" 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568783998 - Sustainable compared to a technology based economy
    - Everyone has and understands their role in the tribe or group
    - Traditional economies only produce what they need so they do not produce industrial pollution, keeping their environment clean.
    * Below two people are exchanging produce, demonstrating the benefits of Traditional economies

    ]]>     2021-05-28 15:16:12 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568783998     "Cons" 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568791019 - Traditional economies are exposed to changes in the weather and nature.
    - If the harvest or hunting is poor, people will starve, limiting population growth.
    - Traditional economies are susceptible to other economies that use their resources.
    * When other economies use Traditional economy's resources it can result in an overall negative impact]]>     2021-05-28 15:18:23 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568791019     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568813322 - A traditional economy depends on the geography, culture, hierarchy, and tradition of the tribe. 
    * Below is a depiction of how the geography of a place can effect the methods of which traditional economies collect resources
    ]]>     2021-05-28 15:25:21 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568813322     Maasai Tribe - East Africa 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568826604 - Maasai's main currency was cattle. They created their wealth through the raising of said cattle. 
    - Maasai wealth was measured by the amount of children and cattle a family produced/raised. 
    * Below is a photograph of the East African Maasai Tribe

    ]]>     2021-05-28 15:29:23 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1568826604     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1570784079 - In a Command economy you are unable to invest your money
    * The chained dollar bill represents the limited freedom that citizens have with their money]]>     2021-05-29 19:39:44 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1570784079     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1570785325 - In a command economy there is typically less inequality due to the government controlling who works where
    * In this drawing an overpowering hand allows a voice to be better heard, demonstrating how Command economies typically have less inequality]]>     2021-05-29 19:41:32 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1570785325     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1570786807 -  A command economy generally results in lower unemployment rates because the government can set wages and create job openings as employment increases and decreases. 
    * Employment rates generally increase ]]>     2021-05-29 19:43:39 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1570786807     North Korea - "Pros" 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1577501255 - The government SHOULD provide free medical care and subsidized housing, and education to its citizens.
    * Given below is a positive interaction between Kim Jong-un, the Supreme Leader of North Korea, and the American government

    ]]>     2021-06-01 19:55:13 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1577501255     North Korea - "Cons" 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1577523932 - The North Korean government invested its money in the nuclear program and neglected social welfare. 
    - The government purposely starved its citizens to maintain control
    - Due to political repression and the abuse of human rights there has been extreme economic hardship in North Korea
    * Children starve because of North Korea's neglect]]>     2021-06-01 20:05:14 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1577523932     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1577538751 - Due to the lack of competition in traditional economies they are generally not very efficient.
    * Below is an illustration of competition between two producers]]>     2021-06-01 20:12:19 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1577538751     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1577554690 -  A command economy's government is capable of tailoring products and services to benefit the common good without regard to profits and/or loses. In other words, they are able to benefit the common good without worrying about profit and money loss. 
    *Below is an illustration that compares the control of a Command economy to a puppeteer and a puppet]]>     2021-06-01 20:20:08 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1577554690     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579665271 - In a Market economy goods and services are privately-owned (private property). In other words, the owners can make legal contracts to sell, buy, or lease their own property. This is called profit from ownership.
    * The photograph below exhibits private-property and the right for owners to own their own "private" land.

    ]]>     2021-06-02 14:31:58 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579665271     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579673769 - Market economies tend to be more efficient and more innovative because of competition between producers.
    * The illustration below demonstrates how competition drives businesses to stand out

    ]]>     2021-06-02 14:34:24 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579673769     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579684458 - In a market economy the government role is limited. Its job is to make sure that no one manipulates the markets and that everyone has equal access to information. However, the government doesn't directly interact with producers and consumers.
    * Shown below is a drawing showing how a country's trade and industry is controlled by private owners for profit.


    ]]>     2021-06-02 14:37:25 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579684458     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579710968 - In Market economies producers and consumers have the freedom of choice, or the freedom to sell, produce, and purchase any goods they might want.
    * This depiction demonstrates how citizens can make their own choices and decisions, influencing supply and demand.

    ]]>     2021-06-02 14:45:15 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579710968     "Pros" 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579725700 - Market economies reward innovation, nurture efficiency, allow the freedom of choice, and increase quality of production.
    * Below portrays the way Market economies encourage innovation through the appeal of innovated goods and services]]>     2021-06-02 14:49:40 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579725700     0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579736139 - Because Market economies are competition-driven there is no method for supporting people who have a competitive disadvantage, such as the elderly or disabled. ]]> 2021-06-02 14:52:51 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579736139 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579748238 - Market economies struggle with whether to care for the vulnerable or promote self-interest.
    * Below is a protest in favor of free healthcare (caring for the vulnerable) vs. self interest a.k.a "wealth-care"

    ]]>     2021-06-02 14:56:36 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579748238     The United States of America- 0523572 https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579755792 - The United States of America is a nation that has established market economy in their society.
    - The United States' economy is greatly influenced by supply and demand and the government holds very little power in economic exchanges.
    * The illustration depicts how the United States' economy is greatly a Market economy. Influenced by producers and consumers.

    ]]>     2021-06-02 14:58:31 UTC https://padlet.com/0523572/69zjzmm5znbcu5vq/wish/1579755792