Economic Systems by Smith, Nina M - 0522501 https://padlet.com/0522501/inxgxeglzpzndw39 Nina Smith, period 2 en-us 2021-05-28 18:48:09 UTC 2025-12-14 14:59:11 UTC hello@padlet.com Market Economy 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1569432492 - An economy where a majority of resources are owned and controlled by the people. ]]> 2021-05-28 18:49:55 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1569432492 Traditional Economy 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1569432965 - An economy that doesn't work under the "profit motive," unlike the market and command economy.]]> 2021-05-28 18:50:06 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1569432965 Command Economy 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1569434286 - An economy where the government owns all resources, and controls all businesses, prices, etc.]]> 2021-05-28 18:50:42 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1569434286 ECONOMIES 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1571795018 2021-05-30 17:09:16 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1571795018 Example: a place with a Traditional Economy 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580566775 The Maasai tribe of East Africa use a traditional economy to live.]]> 2021-06-02 19:26:51 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580566775 5 Traits 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580579258 There are five traits to traditional economies:
1. centered around a family or tribe.
2. Nomadic society; hunter/gatherer lifestyle.
3. Trade; relies on barter.
4. Based on producing only what's necessary.
5. evolving to form a type of currency (for trade).]]> 2021-06-02 19:32:14 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580579258 Example: a place with a Command Economy 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580639253 Belarus, a country in Europe, uses a command economy.]]> 2021-06-02 19:59:37 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580639253 Example: a place with a market economy 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580661219 The United States uses a market economy to run things.]]> 2021-06-02 20:10:32 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580661219 Traits of a Market Economy 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580869088 There are six traits to a market economy:
1. private property
2. limited government
3. freedom of choice (to produce and consume)
4. has the motive of self-interest
5. competition (usually between other producers)
6. built on the system of markets and prices]]> 2021-06-02 22:21:44 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580869088 Traits of Command Economies 0522501 https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580876668 There are five traits to a command economy:
1. government creates economic plan
2. government locates and decides resources
3. economic plan sets the expectations 
4. monopoly style; government owns businesses
5. government also create rules/laws or regulations to enforce the economic plan]]> 2021-06-02 22:27:56 UTC https://padlet.com/0522501/inxgxeglzpzndw39/wish/1580876668