Market Economy by Riley Tilson https://padlet.com/d_tilson/bpzfgktjk70u a type of economic system en-us 2017-02-08 18:52:25 UTC 2017-02-10 19:25:39 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Condos.png Team Members: daisymorales2212 https://padlet.com/d_tilson/bpzfgktjk70u/wish/152585836 - Daisy M.
- Riley T.
- Hazel N.
- Maritza T. ]]> 2017-02-08 19:10:02 UTC https://padlet.com/d_tilson/bpzfgktjk70u/wish/152585836 Definition of Free Market Economy daisymorales2212 https://padlet.com/d_tilson/bpzfgktjk70u/wish/152586384 - is a system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.]]> 2017-02-08 19:11:31 UTC https://padlet.com/d_tilson/bpzfgktjk70u/wish/152586384 Advantages d_tilson https://padlet.com/d_tilson/bpzfgktjk70u/wish/152587778
  • The market provides an incentive to acquire useful skills.
  • The price system encourages producers and consumers to conserve scarce resources.
  • Competition pushes businesses to be efficient: keeping costs down and production high.
    • ]]>     2017-02-08 19:14:37 UTC https://padlet.com/d_tilson/bpzfgktjk70u/wish/152587778     Examples of Countries with Market Economey heidytrochez https://padlet.com/d_tilson/bpzfgktjk70u/wish/152588423  - U.S.A
    - Great Britain
    - Germany 
    - Australia ]]>     2017-02-08 19:15:57 UTC https://padlet.com/d_tilson/bpzfgktjk70u/wish/152588423     Disadvantages daisymorales2212 https://padlet.com/d_tilson/bpzfgktjk70u/wish/152590393
  • Business may simply satisfy the wants they have created through advertising.
  • Monopolistic industries may restrict output and drive up prices.
  • Market economies tend to produce a skewed distribution of income (large gap between the rich and the poor).
    • ]]>     2017-02-08 19:20:31 UTC https://padlet.com/d_tilson/bpzfgktjk70u/wish/152590393     Video Explaining our Type of Economic System daisymorales2212 https://padlet.com/d_tilson/bpzfgktjk70u/wish/152591465 2017-02-08 19:23:37 UTC https://padlet.com/d_tilson/bpzfgktjk70u/wish/152591465 Summary daisymorales2212 https://padlet.com/d_tilson/bpzfgktjk70u/wish/152592518 - I would like to live in this type of economic system because the United States have this system and I think its great. This system's government has limited control. Profit motivates the economy and I think that its great that the competition is high because it moves you to make profit. ]]> 2017-02-08 19:26:36 UTC https://padlet.com/d_tilson/bpzfgktjk70u/wish/152592518