ECON 1&2 by Maya Linkowski https://padlet.com/linkomay2023/daewcsohds9db02g en-us 2021-10-11 12:01:53 UTC 2021-10-12 01:57:32 UTC hello@padlet.com https://padlet.net/icons/png/1f60d.png Underutilization: the state of not being used enough or not used to full potential. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807411868 2021-10-11 12:07:40 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807411868 Market: a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807420244 2021-10-11 12:11:43 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807420244 Adam Smith: Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807423443 2021-10-11 12:13:19 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807423443 Household: A household is a social unit consisting of a home with people in it. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807428501 2021-10-11 12:15:50 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807428501 Needs: something that is necessary for an organism to live a healthy life. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807434353 2021-10-11 12:18:27 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807434353 Wants: a want is something that is desired. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807464003 2021-10-11 12:31:07 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807464003 Labor: effort that people contribute to the production of goods and services. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807513413 2021-10-11 12:49:59 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807513413 Private Property Rights: they are one of the pillars of capitalist economies, as well as many legal systems, and moral philosophies. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807968118 2021-10-11 15:11:21 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807968118 Patriotism: Patriotism or national pride is the feeling of love, devotion, and sense of attachment to a homeland or the country and alliance with other citizens who share the same sentiment to create a feeling of oneness among the people. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807975010 2021-10-11 15:13:31 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807975010 Public interest: the interest shared by the citizens of the state or community at large in the affairs of government linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807995224 2021-10-11 15:19:49 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1807995224 Command economy: A command economy is where a central government makes all economic decisions. Either the government or a collective owns the land and the means of production. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1808003847 2021-10-11 15:22:40 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1808003847 Communism: a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1808017769 2021-10-11 15:27:14 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1808017769 Authoritarian: favoring or enforcing strict obedience to authority, especially that of the government, at the expense of personal freedom. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1808045479 2021-10-11 15:36:06 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1808045479 Specialization: the concentration of the productive efforts of individuals and businesses on a limited number of activities. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809268391 2021-10-12 01:44:52 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809268391 Factor market: an arena of exchange where for example firms purchase or rent land. product market: The arena in which households buy the goods and services that firms produce is the product market. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809271722 2021-10-12 01:46:16 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809271722 Incentive: an incentive is the hope of reward or fear of penalty that encourages a person to behave a certain way. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809276565 2021-10-12 01:48:13 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809276565 Competition: a struggle among producers for the dollars of consumers. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809280070 2021-10-12 01:49:39 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809280070 Consumer Sovereignty: where consumers have the power to decide what gets produced. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809289734 2021-10-12 01:53:42 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809289734 Laissez Faire: an economic theory from the 18th century that opposed any government intervention in business affairs. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809295127 2021-10-12 01:55:54 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809295127 Mixed Economy: a system that combines aspects of both capitalism and socialism. linkomay2023 https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809298790 2021-10-12 01:57:32 UTC https://padlet.com/linkomay2023/daewcsohds9db02g/wish/1809298790