Economic Resources and Systems by SKYLAR RODGERS https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg By: Skylar Rodgers, Braden Farrell, & Anya Parikh en-us 2023-01-13 14:45:32 UTC 2025-11-08 22:34:46 UTC hello@padlet.com https://padlet.net/icons/png/1f4b5.png Supply anyaparikh26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443670864 The amount of a good or service produced at a given time]]> 2023-01-13 14:51:51 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443670864 Demand anyaparikh26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443671011 How much a consumer wants/needs a product or service.]]> 2023-01-13 14:51:59 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443671011 Market Economy bradenfarrell25 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443671185 A market economy is when buyers and sellers drive an economy. This type of economy is not controlled by the government but by the individual.
Advantages: Increased efficiency, production, and innovation
Disadvantages: Chance of monopolies
Ex. Japan]]> 2023-01-13 14:52:10 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443671185 Command Economy bradenfarrell25 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443674164 A command economy is when the people in command drive an economy, also known as the government. In a command economy, the government regulates jobs, prices, and what you are able to buy and sell. 
Advantage: Minimal to no unemployed citizens
Disadvantage: An individual has no say at all
Ex. North Korea]]> 2023-01-13 14:54:36 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443674164 Economics skylarrodgers26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443676303 The study of scarcity, and how it effects the study of those resources, and is the production of goods and services.]]> 2023-01-13 14:56:08 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443676303 Mixed Economy bradenfarrell25 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443677017 A mixed economy is a combination of Command and Market economies. This is an economy where the government is able to control the big picture of the economy and the individuals control the little day-to-day buying and selling.
Advantages: Efficient production of resources
Disadvantages: More government-controlled
Ex. United States]]> 2023-01-13 14:56:44 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443677017 Equilibrium Price anyaparikh26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443679151 An equilibrium price is when the quantity demanded is equal to, or close to, the price of the quantity supplied. This clears the market.]]> 2023-01-13 14:58:15 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443679151 Economic Systems skylarrodgers26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443679397 Economic Systems are when countries and governments distribute resources, services, and goods. They are used to control the five factors of production.]]> 2023-01-13 14:58:30 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443679397 The 3 Basic Economic Questions bradenfarrell25 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443679746 1. What goods and services will be produced?
2. How will they be produced?
3. Who will receive the goods and services?]]> 2023-01-13 14:58:47 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443679746 Price skylarrodgers26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443680170 How much a good or service costs]]> 2023-01-13 14:59:09 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2443680170 The 3 basic economic questions help societies decide anyaparikh26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2446004407 What resources are important to the needs and wants of the people]]> 2023-01-16 19:45:36 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2446004407 Relationship between price, supply, and demand anyaparikh26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2446020044 If the supply is low, and the demand is high, then the price is high. If the supply is high, and the demand is low, then the price is low. An equilibrium price is the cost when the supply and demand are equal.]]> 2023-01-16 20:09:16 UTC https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2446020044 Review Questions anyaparikh26 https://padlet.com/skylarrodgers26/bpvzgacg8v7psusg/wish/2446025816 1. How does a market system decide what will be produced?
A market system decides on what will be produced based on the needs and wants of the consumers
2. In a market system, what determines how many goods and services an individual can buy?
In a market system, a consumer's income determines on how many goods and services they can buy
3. Some nations can produce more goods with fewer workers than other countries that have more workers. How can that be true?
Some nations have a test for specialization so people can work efficiently at a job they are really good at, to produce more goods than consumed

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