Economic systems by Perez, Gaia L - 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7 Gaia Perez Period 4 en-us 2021-05-28 16:24:37 UTC 2021-06-02 18:03:28 UTC hello@padlet.com Market Economy 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1579763762 2021-06-02 15:01:08 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1579763762 Traditional Economy 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1579767741 2021-06-02 15:02:21 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1579767741 Command Economy 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1579769503 2021-06-02 15:02:54 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1579769503 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580015146 A Market Economy is a law of supply and those of demand direct the production of goods and services.  ]]> 2021-06-02 16:17:22 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580015146 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580035448 This is a photo of the Characteristics of a Market Economy ]]> 2021-06-02 16:23:44 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580035448 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580047449 Capitalism requires a Market economy to set prices and distribute goods and services. ]]> 2021-06-02 16:27:05 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580047449 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580059409 This is a cartoon image of free Market Capitalism. ]]> 2021-06-02 16:30:29 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580059409 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580070545 Market Economy's mostly evolve from Traditional Economy's. ]]> 2021-06-02 16:33:47 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580070545 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580075750 This is the different types of Economy.]]> 2021-06-02 16:35:24 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580075750 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580085111 Market Economy isn't just briefly one thing. The Market Economy actually has 6 Characteristics which are Private Property, Freedom of choice, Motive of self interest, Competition, Systems of Markets and Prices and Lastly Limited Government. ]]> 2021-06-02 16:38:14 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580085111 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580099400 This is just a photo to show The Market Economy and that money is involved ]]> 2021-06-02 16:42:37 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580099400 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580108054 One particular advantage of The Market Economy is Since a market economy allows the free interplay of supply and demand, it ensures that the most desired goods and services are produced. ]]> 2021-06-02 16:45:13 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580108054 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580113944 These are desired goods]]> 2021-06-02 16:47:02 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580113944 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580121330 Another advantage is that goods and services are produced in the most efficient way possible. The most productive company's  will earn more than less productive ones.]]> 2021-06-02 16:49:16 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580121330 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580176047 This is storage for goods]]> 2021-06-02 17:06:14 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580176047 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580184745 A disadvantage is that society reflects the values of the winners in the market economy. A market economy may produce private jets for some while others starve and are homeless.]]> 2021-06-02 17:08:53 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580184745 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580192670 These are Disadvantages.]]> 2021-06-02 17:11:12 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580192670 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580198981 Another disadvantage is that a society based on a pure market economy must decide whether it's in its larger self-interest to care for the vulnerable]]> 2021-06-02 17:13:04 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580198981 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580205208 This is different types of Pure Market Economy]]> 2021-06-02 17:14:58 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580205208 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580215776 A traditional economy is a system that relies on customs, history, and time-honored beliefs. ]]> 2021-06-02 17:18:25 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580215776 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580220631 This is a photo of the definition.]]> 2021-06-02 17:19:56 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580220631 5 Characteristics of Traditional Economy 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580227139 Family or tribe, Hunter gatherer and nomadic society, Produce only what they need, they rely on barter, start to evolve ]]> 2021-06-02 17:21:50 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580227139 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580242483 These are the 5 characteristics ]]> 2021-06-02 17:26:53 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580242483 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580246082 Traditional economies can have elements of capitalism, socialism, and communism. It depends on how they are set up. Agricultural societies that allow private ownership of farmland incorporate capitalism.]]> 2021-06-02 17:28:00 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580246082 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580250271 This is a photo of the Mixed economies and comparing them]]> 2021-06-02 17:29:22 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580250271 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580256342 An Advantage is Since traditional economies are small, they aren't as destructive to the environment as developed economies.]]> 2021-06-02 17:31:22 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580256342 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580265757 Here are advantages and disadvantages ]]> 2021-06-02 17:34:30 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580265757 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580270862 Another advantage is that traditional economies understand that it's what has kept society together and functioning for generations.]]> 2021-06-02 17:36:14 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580270862 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580274785 These are more disadvantages and advantages.]]> 2021-06-02 17:37:34 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580274785 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580278204 A disadvantage is that Traditional economies are exposed to changes in nature, especially the weather.]]> 2021-06-02 17:38:43 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580278204 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580282562 Here are some disadvantages]]> 2021-06-02 17:39:59 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580282562 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580285353 America had traditional economies before the immigration of Europeans beginning in 1492.]]> 2021-06-02 17:40:54 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580285353 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580288366 This is the economy back then]]> 2021-06-02 17:41:58 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580288366 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580292183 Agriculture employed at least 41% of the workforce. But they used poor farming techniques to meet high demand following World War I. That led to the Dust Bowl once 10 years of droughts hit. ]]> 2021-06-02 17:43:13 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580292183 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580294147 This is the agriculture ]]> 2021-06-02 17:43:52 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580294147 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580299736 A command economy is where the government owns all resources, sets prices, and tells businesses what and how much to make]]> 2021-06-02 17:45:44 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580299736 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580302386 Here is the command economy]]> 2021-06-02 17:46:32 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580302386 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580306581 The government has a plan, which it uses to give orders to industries. The government also regulates people's incomes.]]> 2021-06-02 17:47:56 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580306581 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580311121 You cannot invest your money, as the government owns almost everything, including land.]]> 2021-06-02 17:49:32 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580311121 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580314506 The government's primary goal is not to make a profit. Instead, it aims to take care of its citizens by giving them free or subsidized education, housing, and healthcare.]]> 2021-06-02 17:50:36 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580314506 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580319431 An advantage is Less Inequality
Because the government controls the means of production in a command economy, it determines who works where and for how much pay. 

]]> 2021-06-02 17:52:21 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580319431 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580321804 Another advantage this power structure contrasts sharply with a free market economy, in which private companies control the means of production and hire workers based on business needs, paying them wages set by invisible market forces.]]> 2021-06-02 17:53:10 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580321804 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580325948 A disadvantage is inefficiency.
Efficiency is also compromised when the government acts as a monolith, controlling every aspect of a country's economy.

]]> 2021-06-02 17:54:29 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580325948 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580329049 Another disadvantage is lack of Competition. Inhibits Innovation
Critics argue that the inherent lack of competition in command economies hinders innovation

]]> 2021-06-02 17:55:26 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580329049 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580333963 This is command economy income]]> 2021-06-02 17:57:02 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580333963 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580336291 This is dealing the command economy with money]]> 2021-06-02 17:57:51 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580336291 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580340885 This is citizens and the government wants to take care of them]]> 2021-06-02 17:59:18 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580340885 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580343592 here are pro's and con's]]> 2021-06-02 18:00:10 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580343592 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580346635 here are advantages]]> 2021-06-02 18:01:14 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580346635 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580349659 Disadvantages ]]> 2021-06-02 18:02:20 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580349659 0522518 https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580352270 More advantages and disadvantages ]]> 2021-06-02 18:03:16 UTC https://padlet.com/0522518/cnqggu8b6op08ai7/wish/1580352270