https://padlet.com/bbyarborough/9dx8rwo2n413 Made with good vibes en-us 2020-03-13 15:47:19 UTC 2020-03-14 00:12:46 UTC hello@padlet.com bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460095711 A economic system where the production and distribution of goods and services are controlled by the government. 

Cuba and North Korea are examples of a command economy ]]> 2020-03-13 15:50:42 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460095711 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460099184 An economic system where there is free competition and the prices are determined by the laws of supply and demand. 

The United States is an example of a market economy, there is free flow of goods and services and no governmental control. ]]> 2020-03-13 15:54:24 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460099184 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460099350 A traditional economy is based on customs, traditions, and beliefs. This system guides economic decisions such as production and distribution.  

Haiti and Bhutan are examples where their decisions are based on customs,beliefs, family or tribe. ]]> 2020-03-13 15:54:36 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460099350 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460108137 Factors of production are bought and sold. Businesses purchase the items needed to produce goods or services. 

Examples like Capital, Land , Labor and Entrepreneurship.]]> 2020-03-13 16:03:38 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460108137 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460108699 The marketplace where goods and services are sold to  businesses and firms. 

For example the market for airline travel; smartphones .]]> 2020-03-13 16:04:12 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460108699 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460108866 An Economic system that has characteristics from the market and command economy. 

France, Russia and China have a mixed economy. They have some government interaction while having a free market. ]]> 2020-03-13 16:04:21 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460108866 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109047 As the price of a good increases the quantity demanded is decreased .

If the movie ticket prices decrease then the demand would increase but, if the price for a movie ticket increases then people will not buy movie tickets.]]> 2020-03-13 16:04:32 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109047 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109230 What's left over after the requirements have been met.

An example is cash left over after you have paid your bills.]]> 2020-03-13 16:04:42 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109230 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109351 The state of having a shortage, low in supply.

An example of this is not having enough gas. A gas shortage .]]> 2020-03-13 16:04:48 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109351 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109510 A single seller selling a unique product in the market. There is no competition. They can set the price of their goods.

An example of a monopoly is Google and Amazon.]]> 2020-03-13 16:04:58 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109510 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109704 A need is something you must have, a requirement. 

Food and water are examples of a need. ]]> 2020-03-13 16:05:07 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109704 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109790 An incentive for financial gain. When businesses try to maximize the profit. 

Relocating a MLB team.]]> 2020-03-13 16:05:13 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460109790 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460110005 Not having enough. The demand has exceeded the supply made available.

There is a shortage of testing kits for the coronavirus. ]]> 2020-03-13 16:05:26 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460110005 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460110140 Occurs when the demand for goods and services changes even when the price doesn't.

An example would be if the income increased for  people and now they can afford more and buy more at the same price. ]]> 2020-03-13 16:05:34 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460110140 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460110425 The cost of production increases.

There is an increase in the price of raw materials. ]]> 2020-03-13 16:05:51 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460110425 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460110677 Being competitive, rivalry between businesses that sell similar goods and services. 

Examples like Coke and Pepsi, Marvels and DC comics  ]]> 2020-03-13 16:06:05 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460110677 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460111006 Supply and Demand are balanced. 

Example ; Calm and steady = Balance ]]> 2020-03-13 16:06:20 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460111006 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460111318 Where the demand changes if the price changes. 

Example: Furniture and Cars ]]> 2020-03-13 16:06:36 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460111318 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460111436 Price change does not effect quantity demanded as much.

Gas is a n example. As gas increases the quantity does not decrease as much. ]]> 2020-03-13 16:06:43 UTC https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460111436 bbyarborough https://padlet.com/bbyarborough/9dx8rwo2n413/wish/460111791 Land, Labor, Capital , Entrepreneurship are the factors production. These are the resources needed to create a good or service. 

Oil is a natural resource but gasoline is a capital. Farmland is Land and a owner is a entrepreneur.


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