https://padlet.com/coolbusybee101/centlpvdck02 Made with whimsy en-us 2020-03-13 15:48:02 UTC 2026-01-30 23:28:55 UTC hello@padlet.com coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460097936 an economy in which production, investment, prices, and incomes are determined centrally by a government.]]> 2020-03-13 15:53:08 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460097936 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460098312 A market economy is a system where the laws of supply and demand direct the production of goods and services]]> 2020-03-13 15:53:26 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460098312 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460099107 A traditional economic system is based of customs, history and time on her beliefs ]]> 2020-03-13 15:54:18 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460099107 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460099630 A factor market is a market where businesses purchase the items needed to produce goods or services.]]> 2020-03-13 15:54:52 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460099630 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460100258 an economic system combining private and public enterprise]]> 2020-03-13 15:55:31 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460100258 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460100958 As the price of a good increases, quantity demanded decreases.]]> 2020-03-13 15:56:15 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460100958 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460101559 an amount of something left over when requirements have been met; an excess of production or supply over demand.]]> 2020-03-13 15:56:51 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460101559 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460102077 Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons.]]> 2020-03-13 15:57:23 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460102077 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460102634 A monopoly exists when a specific person or enterprise is the only supplier of a particular good.]]> 2020-03-13 15:58:00 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460102634 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460103164 Needs are things that you require to function ]]> 2020-03-13 15:58:37 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460103164 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460104207 In economics, the profit motive is the motivation of firms that operate so as to maximize their profits]]> 2020-03-13 15:59:38 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460104207 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460104874 shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply]]> 2020-03-13 16:00:19 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460104874 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460105078 A shift in the demand curve is when a determinant of demand other than price changes. It occurs when demand for goods and services changes even though the price didn't]]> 2020-03-13 16:00:33 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460105078 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460105700 Changes in production cost and related factors can cause an entire supply curve to shift right or left.]]> 2020-03-13 16:01:10 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460105700 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460106504 Competition arises whenever at least two parties strive for a goal which cannot be shared: where one's gain is the other's loss]]> 2020-03-13 16:02:01 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460106504 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460106827 In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change]]> 2020-03-13 16:02:21 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460106827 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460107547 This shows how elastic (or price-sensitive) the cable TV service industry is, as the quantity demanded changes at a larger rate than the price]]> 2020-03-13 16:03:03 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460107547 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460108159 Inelastic goods have fewer substitutes and so price change does not affect the quantity demanded as dramatically. The most common example of relatively inelastic demand is for gasoline.]]> 2020-03-13 16:03:39 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460108159 coolbusybee101 https://padlet.com/coolbusybee101/centlpvdck02/wish/460108747  land, labor, capital, and entrepreneurship]]> 2020-03-13 16:04:14 UTC https://padlet.com/coolbusybee101/centlpvdck02/wish/460108747