https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh By Logan Hasper en-us 2023-03-30 18:08:38 UTC 2023-03-30 22:18:42 UTC hello@padlet.com loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538804474 My padlet is going to go in depth on the 3 major economic questions: What is to be produced, how are these goods & services going to be produced, & who will get the goods & services?]]> 2023-03-30 18:18:47 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538804474 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538805522 2023-03-30 18:19:34 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538805522 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538807172 2023-03-30 18:20:56 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538807172 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538807409 2023-03-30 18:21:09 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538807409 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538828520 This video discusses the biggest balancing act of economics: the unlimited needs/wants of consumers & the limited amount of resources available to fulfill said needs/wants. Since resources are finite, they need to be properly rationed/allocated. Economies need to decide which needs & which wants to prioritize when allocating resources to consumers. The video also further explains the next step of the process which economists call the production problem, that being how to produce things with the amount of labor a society has compared to the amount of capital, as well as the best way to utilize them for the purposes of production. Finally, the distribution problem is explained, with the video saying that the third hurdle a society must face is deciding whether to produce for the wealthy who can afford it or spread goods more evenly around.]]> 2023-03-30 18:40:00 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538828520 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538839910 This video provides more detail on the different approaches to answering the three economic questions. Some countries may invest more into social programs & agriculture while others may choose to bolster their military resources & tech industry. Mr. Sinn also introduces the topic of capital goods, consumer goods, durable & non-durable goods. Capital goods are goods that are essential for the production of other goods. Consumer goods are the final product that is purchased directly by the consumer. Durable goods are goods that can be used on a regular basis & last for three years while non-durable goods are goods that last for fewer than three years. Some products can fall into multiple categories, like an iPad being both a creative tool for businesses as well as a final product purchased by consumers, making it both a capital good as well as a consumer good.]]> 2023-03-30 18:50:22 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538839910 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538854500 This video discusses the idea of scarcity & its influence on what each country decides to produce & distribute. A country with poor farmland like many in the middle east would have to focus on a different industry they can profit off of such as oil & petroleum, & using that to trade with other countries to acquire the goods & services they lack. Some countries also have high amounts of hard labor at a low cost, which would also largely impact which production resources would go where. Shelly also specifically discusses free market economies where variety & competition is crucial for business & people work to earn money which they use to purchase things they then own & compares those economies to the former Soviet Union's method of distribution in the form of communism where people were not allowed to own properties or businesses, instead working to the best of their ability at the job the government had assigned to them & receiving their share of resources from the government evenly.  ]]> 2023-03-30 19:03:17 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538854500 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538888690 This video brings up additional topics to build upon the discussion points introduced by the other videos. There are several different ways a society can produce the same good or service, with production methods that maximize profit while simultaneously minimizing costs or production methods that maximize employment while incurring higher costs. Also discussed here is the idea that economic systems are dynamic & subject to change due to countless factors such as shifts in government along with differing amounts of government intervention into industries & production. With time, countries may even create new methods of production or even change their primary industry altogether. ]]> 2023-03-30 19:37:33 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538888690 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538915173 This website provides a very succinct & professional outline of the three basic economic questions along with examples that effectively get the point across. This website additionally includes a look into the history of society's battle with resource allocation & means of production.

I chose this website because it gets to the point of the topic, providing additional detail such as the differing working conditions from industry to industry like goods being produced by untrained employees in privately owned factories or by experts in government laboratories. Additional options for distribution are discussed such as handing out goods & services to the poor or only selling them to the wealthy. An especially unique addition from this website is a look at human civilization's history of dealing with the three economic questions, specifically noting Greek philosophers such as Plato & Aristotle's attempts to answer these questions before they were articulated into the form of the 3 economic questions we use in modern day. Also mentioned is the beginning point of modern economic theory in the writing of Scottish philosopher Adam Smith titled An Inquiry into the Natures & Causes of the Wealth of Nations published in 1776.]]> 2023-03-30 20:09:23 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538915173 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538953672 This website goes in depth on a wide scope of economics related information, namely the input & output of resources as well as input & output markets.

I chose this website because it explores economics in a much more vast scope than my other resources, allowing readers to learn more about additional topics along with the three economic questions. Markets are discussed in good detail, discussing how households serve as providers of the factors of production (resources) to businesses, namely labor as workers, land & property as landlords & capital as investors, all of which businesses then use to produce goods to sell to households in a perpetual cycle. One particular topic this website covers unlike many others is planned systems. Planned systems are described thoroughly & separated into two categories: communism as practiced in North Korea & Cuba, & socialism as practiced in Sweden & France. The differences between the two are highlighted, & then further compared to free market systems, also known as capitalism. ]]> 2023-03-30 20:57:16 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538953672 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538965940 This website explores additional market types & further informs the topics discussed by my other resources. The special bonus this website houses is a circular flow diagram modelling the production & allocation of goods & services in a market-based economy.

I chose this website due largely to the additional information it provided to me concerning traditional economies, command economies & mixed economies. Traditional economies saw households producing a large amount of what they consumed, with a limited amount of exchange between households & lowered level of production due to the smaller workforce & inferior technology, resulting in a lower overall standard of living. Command economies see a central authority figure holding sole control of the means of production & making the majority of production & allocation decisions. While sometimes categorized as a communist nation, North Korea more specifically falls under the definition of a command economy. Mixed economies are the result of a mixture of two or more established economic systems. The most prominent mixed economy is China, which is neither a pure planned economy nor a pure market economy.


]]> 2023-03-30 21:15:23 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538965940 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538981698 This website offers an extra delve into the topic of scarcity, what it entails & what we do to circumvent it. It also covers the  additional basics of the three economic questions discussed elsewhere in this padlet.

I chose this website because it fully explored scarcity while providing additional examples & scenarios to better explain the topic in its entirety. Posing the question of wanting to grow wheat or corn but only having a limited amount of land to use, forcing the decision of which to prioritize. Labor is limited in the same way, forcing the prioritization of one industry or good at a deficit to other industries or goods. This website stresses the importance of carefully considering how to handle limited resources, urging first to ensure the goods & services being prioritized are what the society truly desires most & second to make sure those developed goods & services are being used in the most efficient manner possible. The ultimate goal for allocating goods & services is to maximize production while minimizing waste & maybe even costs too. Ultimately this scarcity is what forces societies to address the three economic questions in the first place. ]]> 2023-03-30 21:41:09 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538981698 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538985283 This image serves as an easy to read demonstration of the cycle each society goes through when having to answer the three basic economic questions as well as the possible conclusions a society could reach as a solution. The image flows easily thanks to the layout of the information & guiding arrows making this diagram impossible to misenterpret.]]> 2023-03-30 21:46:54 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538985283 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538988461 This image flatly lays out the differing methods employed by each type of economy to solve the problems presented by the three basic economic questions. Traditional economies make decisions based on long held customs & beliefs, command economies make decisions based off of the government's wants & needs, & market economies make decisions based off of the individual's wants & needs.]]> 2023-03-30 21:52:43 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538988461 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538989378 2023-03-30 21:54:17 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538989378 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538989984 I was most surprised to learn about how long civilization has been working out the answer to the three economic questions without knowing they were tackling the three economic questions, only truly being defined & categorized in the 1700's.]]> 2023-03-30 21:55:23 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538989984 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538991131 I & many students like me deal with an abstract version of these questions every day. Making the decisions on how to divvy up our time between one assignment & another makes the difference between a successful & unsuccessful student. While society as a whole deals in goods & services, people in my position deal much more frequently with the scarcity of our own time.]]> 2023-03-30 21:57:17 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538991131 loganhasperprince2 https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538991411 I would prioritize giving them the knowledge of which market types exist as well as which nations make use of each one, so that if they were to travel or just do business in their own country they would have a more thorough understanding of how trade is conducted anywhere in the world.]]> 2023-03-30 21:57:52 UTC https://padlet.com/loganhasperprince2/d1n1hdidtlx38oyh/wish/2538991411