Economic Systems Padlet by Dominguez-Aray, Ana M - 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9 Ana Maria Dominguez- Araya Period 6 en-us 2021-05-26 18:39:13 UTC 2025-12-30 18:00:11 UTC hello@padlet.com Market Economy 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1562595818 a system where the laws of supply lead the production of goods and services]]> 2021-05-26 18:41:25 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1562595818 Traditional Economy 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1569416844 An economy that is based on beliefs and history. ]]> 2021-05-28 18:43:47 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1569416844 Command Economy 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1569417662 an economy where a centralized government controls the means of production]]> 2021-05-28 18:44:08 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1569417662 Free to earn profits 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1578502825 The picture shows a little bag of money which can be a little symbol to show profit earning.]]> 2021-06-02 04:40:57 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1578502825 Free to set prices 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1578503290 The picture shows different product prices which is something market economy can control.]]> 2021-06-02 04:41:13 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1578503290 Functions under the laws of supply and demand 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1578503577 They state that the quantity of a good supplied rises as the market price rises, and falls as the price falls.

The picture shows how the Law of Demand works.]]> 2021-06-02 04:41:21 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1578503577 What to produce: 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1578504112 Determined by consumer's preferences

In the picture you can see a person trying to decide which product they want.

]]> 2021-06-02 04:41:41 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1578504112 Has no system to care for those who are at an inherent competitive disadvantage 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580319327 The picture shows some elderly people which are people whom the system has no care for.]]> 2021-06-02 17:52:19 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580319327 There’s usually a reduced social safety net including certain programs because they are supported through taxation. 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580333616
The picture explains how the process works.]]> 2021-06-02 17:56:55 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580333616 The U.S. Constitution has provisions that ease and protect the six characteristics of market economy. 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580382145
The picture is the top of the US Constitution.]]> 2021-06-02 18:13:28 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580382145 Makes sure that the most wanted or popular goods and services are produced 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580388089
The picture shows a most wanted sign which is something you would see next to an item/product that is very popular.]]> 2021-06-02 18:15:39 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580388089 No one currency 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580442973 It relies on a barter and trading system

The picture shows different situations which serve as examples of bartering and trading.]]> 2021-06-02 18:36:06 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580442973 Operate in emerging markets and developing countries 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580455763
The picture shows where traditional economies are usually located

]]> 2021-06-02 18:41:03 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580455763 Produce only what is necessary 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580519169 Traditional economies barely have leftovers which makes it unnecessary to create money

The picture represents how traditional economies do not have remaining products]]> 2021-06-02 19:06:52 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580519169 Eventually develop to create currency for trade 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580529255 Traditional economies usually evolve once they start farming and settle down.

The picture shows currency which is what traditional economies develop for.]]> 2021-06-02 19:10:52 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580529255 Cash enables those in the traditional economy to buy better equipment. 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580539345 This happens when  traditional economies interact with command or market economies.

The picture shows traditional and another economy interacting which causes the traditional economy to get cash for more profitable arming, hunting, and/or fishing.]]> 2021-06-02 19:15:05 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580539345 Traditional economies can have elements of communism, socialism, and capitalism 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580555496 The picture compares the three economic systems.]]> 2021-06-02 19:22:05 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580555496 Vulnerable to other economies that consume their natural resources 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580564859 They usually use up the natural resources traditional economies depending on the wage war.
The picture shows examples of natural resources.

]]> 2021-06-02 19:25:58 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580564859 Exposed to changes in nature 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580577460 This is why traditional economies limit population growth.

The picture is a cool way to show population rising.

]]> 2021-06-02 19:31:23 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580577460 Attempt to redistribute wealth 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580590435 They do so because income inequality can breed resentment.

The picture shows what income inequality looks like.]]> 2021-06-02 19:37:01 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580590435 No high prices 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580596375 The government does not look to make a profit, so, everything is usually affordable.

The picture shows something that would usually be next to an item/product with a low price.]]> 2021-06-02 19:39:38 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580596375 High unempolyment levels 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580603866 Command economy gov. can set wages and job openings to make the unemployment rate  and wage distribution that it sees appropriate.

The picture shows the levels of unemployment/wages in the US.]]> 2021-06-02 19:42:56 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580603866 Inefficient 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580615033 Production in command economies is inefficient because the government doesn't feel pressured from competitors/ consumers to cut costs

The picture shows what inefficiency is like.]]> 2021-06-02 19:48:10 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580615033 Shortage and wastage 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580621840 There can be a shortage the gov. produces little of something that is in demand or if the government created an excess of something that is not necessary.

The picture shows an example of wastage.]]> 2021-06-02 19:51:23 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580621840 Increase in illegal activity 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580629124 People get limited money and job opportunities. As a result, they may begin doing illegal activities to find new sources of income.

The picture shows a man delivering drugs which is an example of an illegal activity people will do to get money.]]> 2021-06-02 19:54:51 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580629124 Countries with Command Economy 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580634151 Cuba, Venezuela, Belarus and North Korea all have command economies.

The picture shows Cuba- a country in the Carribean  with command economies.]]> 2021-06-02 19:57:17 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580634151 Low personal freedom 0525566 https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580641165 The government decides your income and the type of job you do and this right may be withdrawn at any moment.

Fidel Castro was a president who abused his power and gave little to no freedom to Cuban citizens.]]> 2021-06-02 20:00:36 UTC https://padlet.com/0525566/m1kcsmgwesvfrej9/wish/1580641165