Economic Systems by Luna S.R. https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4 Luna Sunol-Regal Period 2 en-us 2021-05-28 14:45:42 UTC 2026-02-18 02:42:17 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/1217112111/4155a682f08e3005833dc2b18eb0fe65/mona.jpeg Market Economy lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1568693852 2021-05-28 14:48:19 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1568693852 What is free market economy? lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571761503 A free market economy is controlled  by individual buyers and sellers- supply and demand influence economy. 
This picture shows individuals in a market economy. ]]> 2021-05-30 16:35:41 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571761503 Motives lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571766207 the motive to sell is profit, which is usually money, which drives the economy, which this picture shows. ]]> 2021-05-30 16:40:19 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571766207 Other names for Market Economy lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571771390 The other names are free enterprise or capitalism. ]]> 2021-05-30 16:45:40 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571771390 Countries that have this system lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571772380 Countries that have a free market economy are the U.S, Western Europe, and Japan.
This picture shows the EU- which is a union of countries with market economies in western Europe. ]]> 2021-05-30 16:46:45 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571772380 Advantages lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571777658 - Economic freedom- citizens have the right to choose what job they want and what they want to sell. (along with other things.)
- Private property- People have the right to privately own their property and business without government interference. 
-  Motive- people have a motive to sell because they are driven by the desire to make money. 
- etc. ]]> 2021-05-30 16:52:18 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571777658 Government Involvement lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571819807 Government involvement in market economy is very little. However, the government is involved with businesses when it comes to paying taxes and regulating some economic activities. (such as selling slaves is illegal in the us) ]]> 2021-05-30 17:34:59 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571819807 Disadvantages lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571831244 -Imbalance in Wealth- The poor tends to remain poor due to lack of opportunities. Meanwhile the rich tends to remain rich due to having many opportunities. 
- No system to care for the disadvantaged- there are no organizations to help the poor and needy. 
This picture shows some more advantages and disadvantages, along with the ones I already mentioned. ]]> 2021-05-30 17:46:41 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571831244 Traditional Economy lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571847087 2021-05-30 18:01:23 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571847087 How the constitution protects market economy lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571849899 - Article 1 Section 8 establishes copyright
- Article 1 section 9 and 10 protects freedom of choice and prohibits states from taxing each other. 
- The fourth amendment protects private property by forbidding unreasonable searches and seizures. ]]> 2021-05-30 18:03:55 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571849899 Definition lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571860353 A traditional economy runs from habits and customs, which have been passed from generation to generation. The children tend to work with their parents in the same jobs.
This picture shows a buggy, which shows that they are living in the past and have run from customs. ]]> 2021-05-30 18:13:28 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571860353 Examples of groups that have a traditional economy lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571870261 There are currently no countries that still follow a traditional economy, but there are still many groups and regions that do so. Among these are the Amish, from Pennsylvania, and the Eskimos, from Alaska.
This photo shows a group of Eskimo kids, which  have a traditional economy. ]]> 2021-05-30 18:22:39 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1571870261 Where do they tend to operate lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574007561 They tend to operate in regions of developing countries. These are countries in Africa, in latin America, and in the Middle East.  I circled the locations on the map. ]]> 2021-05-31 16:43:25 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574007561 5 traits of traditional economy- 1 lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574020298 The first trait is that it is usually centered around a family or tribe. They use traditions and knowledge from elders as a guide. This picture shows to inuit girls, which learn from their elders and have a traditional economy. ]]> 2021-05-31 16:49:44 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574020298 5 traits of traditional economy- 2 lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574035371 In a traditional economy, people tend to be hunter gatherers, or farmers and tend to be nomads, moving from place to place. They tend to migrate with the seasons, such as if it gets too cold, they migrate south. They also tend to compete with other for food and other resources. This picture shows a painting depicting the hunter-gatherers to give a better idea of how people were in the past and how the traditional economy works today. ]]> 2021-05-31 16:57:23 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574035371 5 traits of traditional economy-3 lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574046442 They tend to produce only what they need, usually without many leftovers for trade. They consider money to be unnecessary either way. This picture shows farmers in a traditional economy. ]]> 2021-05-31 17:03:25 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574046442 5 traits of traditional economy- 4 lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574055503 Whenever they do decide to trade, they tend to rely on bartering. For example, when a hunter had meat to trade, a farmer can trade wheat with them. Since they just trade resources, there is no need for money to be involved. This picture shows a summary of traditional economy and two people trading]]> 2021-05-31 17:07:59 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574055503 5 traits of traditional economy- 5 lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574066901 Lastly traditional economies start to evolve, once they start farming and settling down. They are more likely to have leftovers and start trading. When this happens they may start to make money, and evolve into a market economy. This picture shows people trading a fish for wheat. ]]> 2021-05-31 17:14:01 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574066901 Command Economy lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574074485 2021-05-31 17:18:30 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574074485 What is command economy lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574079102 The government controls the economy. It determines what is produced, how its produced, and how its distributed, along with what jobs people get. It is also called communism. ]]> 2021-05-31 17:21:00 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574079102 Countries with command economies lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574091452 Communist countries are countries with command economies. These are countries such as China, Cuba, North Korea, Vietnam, along with the former soviet union. I circled some countries with command economies. ]]> 2021-05-31 17:27:54 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574091452 Advantages lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574103661 Less Inequality- since the government tends to decide how to pay workers, there tends to be less inequality. This makes sure that everyone get paid equally. 
Low unemployment rates- since the government controls the economy, it gets to create more job for the poor and needy. ]]> 2021-05-31 17:34:29 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574103661 Disadvantages lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574122455 -Lack of competition- this lack of competition makes less room for different and new products. 
- No motivation for profit- since there is no motivation for profit, people don't tend to work as hard. 
This picture show the traits between the market, command , and mixed economy.]]> 2021-05-31 17:44:08 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574122455 Characteristics of American Command economy lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574138665 -Government regulation of some business practices. These are regulations such as regulation of minimum wage, regulation of labor hours, and regulation of general safety practices.  
This picture shows a person protesting for 15 dollars in minimum wage, something the government can control. ]]> 2021-05-31 17:53:22 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574138665 Characteristics of American command economy- 2 lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574151944 - The government limits certain choices- such as the government not permitting buying/selling drugs. This helps protect citizens from harmful or unethical products. ]]> 2021-05-31 18:00:48 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574151944 Traits of american Market economy- 3 lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574156675 - Government provides some aid  the needy- he government provides things such as medicare, medicaid, obamacare, and welfare services. This helps poorer communities have a chance to have a decent life. ]]> 2021-05-31 18:03:31 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574156675 Advantages+ Disadvantages- 2 lunasunolregal https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574163781 -Common good vs. Profit Priority- in a command economy, the government can fix any problems involving unemployed people. 
-  Government has complete control, which means if you protest the government, you may lose money and lose your job. This is what happens in a lot of countries with market economies, which usually tend to end up in dictatorships. 
This picture shows flags of countries that have command economies. ]]> 2021-05-31 18:07:37 UTC https://padlet.com/lunasunolregal/7lvhyktbf4v09yj4/wish/1574163781