https://padlet.com/0572357/podbx6yey4eoo5g6 Caroline Rusconi P.1 en-us 2021-05-25 13:22:58 UTC 2025-10-25 12:40:54 UTC hello@padlet.com 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1565049625 2021-05-27 13:24:33 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1565049625 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1565050277 2021-05-27 13:24:44 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1565050277 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1565051597 2021-05-27 13:25:04 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1565051597 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1565122930 The value of resources is based on supply and demand. If the supply is low, but the demand is high, the price will be high. If the demand is low and the supply is high, the price will lower.

How supply and demand works.]]> 2021-05-27 13:43:07 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1565122930 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576108039 Private companies don't exist in a command economy. The government employs all workers and chooses their wages and jobs.]]> 2021-06-01 12:54:05 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576108039 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576198624 The government is not very involved in market transactions in a market economy. It is limited to make sure the rules of the economy are enforced and applied fairly.

Government involvement in a market economy. ]]> 2021-06-01 13:21:27 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576198624 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576226174 Most goods and services are privately owned. Owners can make contracts to buy, sell, or lease their property.

Private property in a  market economy. ]]> 2021-06-01 13:29:20 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576226174 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576246259 2021-06-01 13:34:53 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576246259 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576249664 2021-06-01 13:35:49 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576249664 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576256777 A market economy is when most things are owned and controlled by people who market transactions governed by supply and demand.
Characteristics of a market economy. ]]> 2021-06-01 13:37:47 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576256777 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576281313 Since supply and demand is a big part of a market economy, it ensures that the most desired goods and services are produced. ]]> 2021-06-01 13:44:14 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576281313 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576294413 A market economy rewards innovation. New products will meet the needs of consumers better than existing goods and services.]]> 2021-06-01 13:47:58 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576294413 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576341637 A market economy has no system to care for those who are at a competitive disadvantage. Some examples are the elderly, children, and people with mental or physical disabilities. ]]> 2021-06-01 14:01:11 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576341637 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576353876 Caretakers of those people are also at a disadvantage. They use their energy and skills for caretaking, not competing. These people might have contributed to the economy's overall comparative advantage if they were not caretakers. ]]> 2021-06-01 14:04:43 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1576353876 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577413667 2021-06-01 19:18:26 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577413667 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577432218 2021-06-01 19:25:47 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577432218 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577440674 2021-06-01 19:29:17 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577440674 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577441888 2021-06-01 19:29:48 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577441888 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577449146 2021-06-01 19:32:46 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577449146 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577560429 A command economy is when the governments controls what is produced, how it is produced, and how it is distributed.

This image explains how a command economy works.]]> 2021-06-01 20:22:52 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577560429 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577561659 2021-06-01 20:23:28 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577561659 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577562141 2021-06-01 20:23:37 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577562141 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577563395 2021-06-01 20:24:12 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577563395 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577566001 2021-06-01 20:25:24 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577566001 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577674555 The government controls who works where and their salary. Therefore causing people to have fair salaries. ]]> 2021-06-01 21:23:28 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577674555 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577726032 2021-06-01 21:58:04 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577726032 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577726932 2021-06-01 21:58:46 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577726932 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577729394 2021-06-01 22:00:21 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577729394 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577732068 2021-06-01 22:02:13 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577732068 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577733192 2021-06-01 22:03:06 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577733192 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577746461 In a command economy, the government can create jobs to lower unemployment rate.]]> 2021-06-01 22:13:09 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577746461 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577749914 In a command economy, the government can make products and services to benefit the common good without worrying about profit.]]> 2021-06-01 22:15:40 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577749914 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577756267 2021-06-01 22:20:30 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577756267 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577760513 Since the government decides your salary and the job you do, they can take away your right to do non-government work.]]> 2021-06-01 22:23:48 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577760513 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577763453 The government may not understand what the people want and may make too much or too little of a product. This leads to shortage or wastage.]]> 2021-06-01 22:25:57 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577763453 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577771908 People may engage in illegal activities to get another source of income since the government controls almost every financial aspect of their life. ]]> 2021-06-01 22:32:14 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577771908 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577773949 A traditional economy is when the economy relies on customs, history, and time-honored beliefs.]]> 2021-06-01 22:33:57 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577773949 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577775708 2021-06-01 22:35:25 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577775708 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577895767 Traditional economies depend on agriculture, fishing, hunting, gathering, or a combination of them.


This image shows agriculture, which is a part of a traditional economy. ]]> 2021-06-02 00:03:31 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577895767 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577901020 Traditional economies mostly operate in emerging markets and developing countries.]]> 2021-06-02 00:06:27 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577901020 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577917801 Economists and anthropologists expect remaining traditional economies to become market, command, or mixed economies over time. ]]> 2021-06-02 00:15:15 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577917801 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577925544 2021-06-02 00:18:51 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577925544 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577930365 2021-06-02 00:21:09 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577930365 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577934872 2021-06-02 00:23:16 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577934872 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577937515 2021-06-02 00:24:26 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577937515 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577941633 2021-06-02 00:26:15 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577941633 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577962937 Traditional economies are usually centered around a family or tribe. They often use traditions gained from elder's experiences that influence day-to-day life and economic decisions. ]]> 2021-06-02 00:35:16 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577962937 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577971959 There is  no need for trade in a traditional economy because they all consume and produce the same goods.]]> 2021-06-02 00:38:36 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577971959 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577975867 There is rarely surplus in a traditional economy because they only produce what they need.]]> 2021-06-02 00:40:03 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577975867 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577981919 As traditional economies usually evolve after time, they have surplus that they us for trade. The group usually makes a form of money. ]]> 2021-06-02 00:42:33 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577981919 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577985419 2021-06-02 00:44:05 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1577985419 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1578012198 2021-06-02 00:54:49 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1578012198 0572357 https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1578014737 2021-06-02 00:55:47 UTC https://padlet.com/0572357/podbx6yey4eoo5g6/wish/1578014737