Economic Systems by Anthony, Minx - 0544126 https://padlet.com/0544126/fa4yeynutzu29zao Minx Anthony en-us 2021-05-28 18:35:14 UTC 2023-01-28 19:12:34 UTC hello@padlet.com https://padlet.net/icons/png/1f310.png The Market Economy! 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1569409549 2021-05-28 18:40:44 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1569409549 1.) The Market economy is a type of economy where the people control and use resources and are assigned through optional market transactions ruled by the relation of demand and supply 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1569424213 2021-05-28 18:46:48 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1569424213 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1569466012 This shows that the market economy is ruled by supply and demand, and the government is not in control.]]> 2021-05-28 19:04:30 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1569466012 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571880594 2.) Labor, capitol, and natural resources are some examples of Supply. There are a lot of steps to Supply.]]> 2021-05-30 18:33:14 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571880594 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571889676 The picture below shows the supply chain management and all the steps onto how we supply the people]]> 2021-05-30 18:42:26 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571889676 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571897911 3.) Purchases made by businesses, consumers, and the government are all examples of Demand. Both Supply and Demand work together equally to the public.]]> 2021-05-30 18:49:59 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571897911 The picture below shows how Demand and supply work together and how to market economy system works as a whole. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571919572 2021-05-30 19:09:48 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571919572 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571923349 4.) The market economy is distinguished by self-interest, competition, limited government interventions, the  freedom of choice, and lots of more other examples. ]]> 2021-05-30 19:13:39 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571923349 The chart shown below interprets all the different types of characteristics of the Market Economy. (6) 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571934059 2021-05-30 19:24:15 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1571934059 5.) One advantage of a Market economy is that it makes sure that the most wanted goods and services are made. Consumers are willing to buy things they want no matter the cost of the item. Things that return as a profit will most likely be made by businesses. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573699795 2021-05-31 14:07:54 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573699795 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573744345 This shows a picture of a business man trying to catch to the money. In order to get it, he needs to make the most wanted things for the public!]]> 2021-05-31 14:28:21 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573744345 6.) Another advantage is that it rewards innovation. Unique new products will catch a consumers eye in a positive way that other goods or services. Then these top-notch product will get the attention of other competitors so they can also gain more profit. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573767412 2021-05-31 14:38:39 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573767412 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573790446 The picture below is a great example of how business try to keep up with the popular products and trends to try to make profit.]]> 2021-05-31 14:50:20 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573790446 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573795661 7.) One disadvantage is that there is always going to be competition. Accordingly, it has no framework to really focus on the individuals who are at an inalienable cutthroat drawback. That incorporates the elderly, kids, and individuals with mental or actual handicaps.]]> 2021-05-31 14:52:45 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573795661 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573824317 The picture below shows "businesses" going against each other on getting the most amount of profit from products.]]> 2021-05-31 15:06:40 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573824317 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573834294 8.) One last key disadvantage of the Market economy is that the overseers of those individuals are sometimes in a difficult situation. Their energies and abilities go toward caretaking, not contending. A large number of these individuals may become supporters of the economy's general relative benefit on the off chance that they weren't overseers.]]> 2021-05-31 15:11:46 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573834294 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573852133 The picture below shows an example of a business getting distracted. They focus more on caretaking, instead of competing with others.]]> 2021-05-31 15:21:25 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573852133 The Traditional Economy! 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573863615 2021-05-31 15:27:34 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573863615 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573919012 1.) A traditional economy is a framework that depends on traditions, history, and respected convictions. Custom aides financial choices like creation and dissemination. Social orders with customary economies rely upon farming, fishing, chasing, gathering, or a mix of them. Instead of paper money, they use barter rather than cash.]]> 2021-05-31 15:57:04 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573919012 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573939634 The picture below shows people in a Traditional Economy and what they do as a living.]]> 2021-05-31 16:08:15 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573939634 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573959864 2.) Traditional economies revolve around a family or clan.They use customs acquired from the seniors encounters to manage everyday life and monetary choices.]]> 2021-05-31 16:19:04 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573959864 The picture below shows a father and son working together in a Traditional Economy. As the son grows up, he will then take over the father job. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573972508 2021-05-31 16:25:30 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1573972508 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574460882 3.) The economy only exists in an hunter-gatherer and nomadic society, which means that these social orders cover immense regions to discover sufficient food to help them. They follow the crowds of animals that support them while moving with the seasons. These itinerant hunter-gatherers contend with different gatherings for scant resources. There is little requirement for exchange since they all devour and produce exactly the same things.]]> 2021-05-31 21:33:17 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574460882 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574463493 The image shows people in a traditional economy hunting the old-fashioned way, instead of using more technological equipment to make things easier.]]> 2021-05-31 21:35:40 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574463493 4.) Most traditional economies produce just what they need so that there is once in a while excess or extras. That makes it superfluous to exchange or make money. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574467303 2021-05-31 21:39:10 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574467303 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574471153 The image below shows an a woman from the Amish community (a traditional- economy run place) cooking only what they need.]]> 2021-05-31 21:42:52 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574471153 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574475659 5.) At the point when Traditional economies do exchange, they depend on barter so that it can just happen between bunches that don't contend. For instance, a clan that gathers fruits and vegetables will probably trade with another clan that will trade wood, or seeds.]]> 2021-05-31 21:47:04 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574475659 This shows a trade being made with fish being traded for seeds. Instead of paper money or coins, communities such as the Amish community do trade to get resources. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574481376 2021-05-31 21:52:23 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574481376 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574515908 6.) Business analysts and anthropologists believe that any remaining economies got their beginning as customary economies. Consequently, they anticipate that remaining traditional economies should develop into mixed, market, command economies over the long run.]]> 2021-05-31 22:27:25 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574515908 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574531608 The picture below shows tribes/clans coming together to barge, or trade resources.]]> 2021-05-31 22:42:48 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574531608 7.) A genuine illustration of an early beginning of the customary economy comes from the Amish community from Pennsylvania. If you were to go over to the area, you would get the idea that they are continuing to tradition of "old-fashioned America". They travel in carriages, and they hunt without guns, or any other future technology. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574543071 2021-05-31 22:54:08 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574543071 The image below shows an example of how the Amish people dress in the daily lives. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574547629 2021-05-31 22:58:35 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574547629 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574551382 8.) Traditional economies additionally establish a climate where every individual from the local area knows about the stakes involved and they make sure everyone is very much aware of the job they play in adding to a traditional economy. This information and mindfulness, and the abilities that are sharpened in light of this viewpoint, is then given to more youthful ages.]]> 2021-05-31 23:02:16 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574551382 The picture below shows an Amish area gathering together so that everyone can be informed of what's going on. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574552232 2021-05-31 23:03:13 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1574552232 The Command Economy! 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1576700209 2021-06-01 15:42:17 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1576700209 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1577874805 1.) A command economy is a type of economy which concentrated government controls the methods for creation.When it is compared to the Market Economy, or Free economy, there are some disadvantages.]]> 2021-06-01 23:51:00 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1577874805 The picture below shows what a Command Economy looks like because how the "one" pair of hands is control the the buildings, which represent the public. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1577902131 2021-06-02 00:07:05 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1577902131 2.) One of the Command economy's benefits incorporate low degrees of disparity and joblessness, and the benefit of everyone supplanting benefit as the essential motivation of creation. One disadvantage of the Command economy incorporates absence of contest and absence of productivity. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1577912738 2021-06-02 00:12:45 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1577912738 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1577916354 The image below shows how the Command Economy gives everyone the chance to succeed in life such as jobs. The Command Economy also tries to make everyone equal.

]]> 2021-06-02 00:14:32 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1577916354 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1579937797 3.) Since the public authority controls the methods for creation in an order economy, it figures out who works where and for how much compensation. This power structure stands out pointedly from a market economy, where in privately owned businesses control the methods for creation and recruit laborers dependent on business needs, paying them compensation set by imperceptible market influences.]]> 2021-06-02 15:52:54 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1579937797 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1579946141 This shows the leader in a Command Economy controlling where people work and how much they get paid. There is only one ruler in a command economy.]]> 2021-06-02 15:55:31 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1579946141 4.) Creation in command economies is famously wasteful as the public authority feels no pressing factor from contenders or cost cognizant purchasers to reduce expenses or smooth out tasks. They additionally might be more slow to react or even totally non-responsive to customer needs or evolving tastes. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580253886 2021-06-02 17:30:34 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580253886 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580330453 The image below shows an example of how people that do their jobs only give money to one person (leader).]]> 2021-06-02 17:55:53 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580330453 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580378308 5.) North Korea has an command economy. Its administration gives free clinical consideration and schooling, and sponsored lodging to its residents. Notwithstanding, the United Nations has tracked down that the nature of these administrations is deficient.]]> 2021-06-02 18:12:10 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580378308 North Korea is one example that serves with a Command Economy. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580452984 2021-06-02 18:39:56 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580452984 6.) In a Command Economy, the government controls all methods for creation, like crude material, cash, land, and businesses in a country. It's kind of like the public is the puppet, and the government is the puppeteer. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580462308 2021-06-02 18:43:30 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580462308 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580476660 The picture below shows a description of how the government is the controller (the two hands in the picture), of the public (the two puppets below).]]> 2021-06-02 18:49:02 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580476660 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580500302 7.) The public authority, or the government, additionally controls individuals' salaries in an command economy. You can't put away your cash, as the government possesses nearly everything, including land. This approach diminishes contest in the nation and, normally, prompts material hardship.]]> 2021-06-02 18:58:49 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580500302 The image below shows a cartoon how the state (governement) is "hugging" the businesses, because government owns all the businesses. 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580509101 2021-06-02 19:02:43 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580509101 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580522987 8.) In contrast to the imperceptible hand of the market economy, which can't be controlled by a solitary organization or individual, a command economy government can set wages and employment opportunities to make the joblessness rate and compensation appropriation to make equal.]]> 2021-06-02 19:08:28 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580522987 0544126 https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580535788 In a Command Economy, getting accepted for a job employment is more likely to happen since the government make the unemployment rate low.]]> 2021-06-02 19:13:30 UTC https://padlet.com/0544126/fa4yeynutzu29zao/wish/1580535788