Economic Systems by Hardie, Elizabeth A - 0472787 https://padlet.com/0472787/9d7tkers1n17hylq Elizabeth Hardie P6 en-us 2021-05-26 18:39:15 UTC 2024-10-29 14:45:39 UTC hello@padlet.com Command Economy 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1562596008 2021-05-26 18:41:29 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1562596008 Market economy 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1562601196 2021-05-26 18:43:04 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1562601196 Traditional Economy 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1569399597 2021-05-28 18:36:41 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1569399597 There are no private businesses because the government employs everyone and determines wages and jobs. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186084 as you can see in the photo, the bigger figure (represents government) is controlling how the little figure (citizens) work. The citizen is holding a work brief case but the government controls how he works.]]> 2021-06-02 11:28:32 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186084 Wages are more equal because the government is controlling them. This means there is more equality throughout the economy. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186260 this image shows two people with the same wage. The scale represents how much money they make.]]> 2021-06-02 11:28:41 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186260 NO competition. Since the government owns everything, everyone is equal which is a good and bad thing. Our market (USA) runs on competition and good markets all over the world do. Without competition, selling rates aren't that high. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186431 This  picture shows what might happen long term without competition. The prices get lower, and lower, until you have to stop selling them.]]> 2021-06-02 11:28:49 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186431 Governments can change buisness for the common good, people never have to worry about going out of buissness. For example, free healthcare too all. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186622 These people are protesting because they think free healthcare is a human right, in a command economy they would have free healthcare because the government owns all businesses.]]> 2021-06-02 11:28:57 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186622 Government limits certain choices. This can help reduce drug use, selling bad stuff etc. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186999 As you can see, you can't sell drugs here because the government said you can't.]]> 2021-06-02 11:29:14 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579186999 Act quickly in emergencies. The government can act quickly because it owns everything and controls everything. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579187186 If this man represents the government thinking about ways to solve different problems, he is acting quickly. On a much larger scale, the government could solve a  problem like a natural disaster in a couple seconds.]]> 2021-06-02 11:29:23 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579187186 The government determines what is produced, how it gets distributed, and how it gets produced. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579187375 This is a coffee farm.  Which is an example of one thing a government would say you can produce because most people drink coffee every day.]]> 2021-06-02 11:29:32 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579187375 Hard to have creativity. Since the government owns and regulates everything, you can't find an easy way to be creative and express yourself. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579293130 This cartoon shows a man trying to be creative or think of an idea. The government controlling everything is putting off half of his ideas because he also has to think of regulations!]]> 2021-06-02 12:29:38 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579293130 People barter/trade instead of money. In normal markets, the trade is money for __(ex. food,clothes etc.). In a traditional economy, the trade is ___ for ____ ex. food for food, clothes for food, or clothes for clothes. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579323071 Here is a photo of two women bartering clothes.]]> 2021-06-02 12:42:17 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579323071 Most resources are individually owned. Contrast to the command economy, you are able to privately own a buissness. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579326118 As you can see, this women is happy because she just opened her own business.]]> 2021-06-02 12:43:30 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579326118 The value of resources is based on how rare the resource is. For example, diamonds have a lot of value because they are rare. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579540329 This is a photo of a ring with a diamond which has a lot of value.]]> 2021-06-02 13:53:47 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579540329 People can trade or exchange resources (money for food) because they're privately owned. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579552874 This is a cartoon of two business people shaking hands, which signifies confirming a trade.]]> 2021-06-02 13:57:36 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579552874 The economic growth is determined by profits (risk and reward) and the reward should be higher than the risk 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579560373 This image shows the chance of risk and reward, and compares it to dice.]]> 2021-06-02 13:59:54 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579560373 Supply and demand. Prices in a market economy are based on supply and demand. If the demand is high, and the supply is low, the price will be high because they need the money to sell more products. But, if the demand is low and they have a lot of supplies, the price goes down so people will buy the product. For example, when Toys R Us went bankrupt, the prices dropped drastically because no one was buying the toys. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579571006 This photo shows the ratio between supply and demand at a shop.]]> 2021-06-02 14:03:17 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579571006 Lots of competition. The good thing about privately owned businesses is competition. It is our human nature to want to be better than the rest. In an economy, competition helps stocks, market, and more, especially long term. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579590942 This cartoon shows how the people with no money want money because money seems to make you more popular, and might make people feel better than the rest depending on your views/opinions. Which is why "spoiled brats" often act very entitled and/or arrogant.]]> 2021-06-02 14:09:23 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579590942 Competition isn't always good. There is a bad side to market economies which is that everything isn't equal. That means not everyone can put food on the table, or even go to the doctor in an emergency without worrying about the bills! That's why a lot of people advocate for free healthcare. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579607056 This photo shows two people competing for money. This represents inequality because only one person will get the money and the other will be very poor.]]> 2021-06-02 14:14:18 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579607056 Creativity is encouraged because you have more freedom in which business you can create or idea you can execute. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579626660 This image shows a light bulb (idea) exploding which represents an idea coming to life.]]> 2021-06-02 14:20:11 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579626660 Relies on customs instead of modern ways. They would prefer cows instead of computers. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579632016 Here is a bazaar, they prefer this to modern technology. The bazaar sells cultural things like clothing and food.]]> 2021-06-02 14:21:48 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579632016 Tradition is the guidelines for big economic decisions like products. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579825635 This is a photo of a tradition.]]> 2021-06-02 15:19:23 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579825635 Children usually inherit their parents jobs. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579883253 This photo shows the family's job: harvesting and growing melons. As you can see, the mom, her daughter, and her baby are working together. The daughter inherits the job.]]> 2021-06-02 15:36:48 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579883253 Change is feared. Amish are good examples, their customs fear change that's why the clothing, ways of movement and traditions have remained constant for over 50 years. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579902218 Here is the way of movement preferred by the Amish. Horse and buggies! Even though modern tech has created cars, planes, and boats they still drive a carriage because of traditions]]> 2021-06-02 15:42:12 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1579902218 Traditional economies are often in under-developed countries, like Benin and Angola. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1580106850 This is a picture of people working in Africa, where there are a lot of under-developed countries. Developed countries would use machines instead.]]> 2021-06-02 16:44:49 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1580106850 Environmentally friendly! Traditional economies rely on used items which means there is barely any waste. 0472787 https://padlet.com/0472787/9d7tkers1n17hylq/wish/1580139975 This is used clothing being sold at a market.]]> 2021-06-02 16:55:02 UTC https://padlet.com/0472787/9d7tkers1n17hylq/wish/1580139975