Econ by Anthony Micho https://padlet.com/michoant2023/q9ip1kvm370l6xpl en-us 2021-10-07 16:41:08 UTC 2026-01-24 17:41:27 UTC hello@padlet.com Mixed Economy michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800436413 Economic system that has some market-based elements and some levels of government involvement.

]]> 2021-10-07 16:45:01 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800436413 Privatization michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800439088 Process of selling businesses or services operated by the government to the individual investors, and then allowing them to compete in the marketplace.]]> 2021-10-07 16:46:02 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800439088 Communism michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800443767 A political system in which the government owns and controls all resources and means of production and makes all economic decisions.]]> 2021-10-07 16:47:51 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800443767 Authoritarian michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800446965 Describes a form of government that limits individual freedoms and requires strict obedience from its citizens.

]]> 2021-10-07 16:48:56 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800446965 Competition michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800451219 The struggle among producers for the dollars of consumers.
consumer sovereignty- The power of consumers to decide what gets produced.

]]> 2021-10-07 16:50:25 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800451219 Self-interest michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800453484 An individual's own personal gain.

]]> 2021-10-07 16:51:18 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800453484 Incentive michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800454679 The hope of reward or fear of penalty that encourages a person to behave a certain way.

]]> 2021-10-07 16:51:48 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800454679 Adam Smith michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800456223 The first modern economist, whose book The Wealth of Nations describes how free markets function and self-regulate.

]]> 2021-10-07 16:52:27 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800456223 Firm michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800457877 An organization that uses resources to produce a product or service, which it then sells.

]]> 2021-10-07 16:53:06 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800457877 Household michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800459782 A person or group of people living in a single residence.

]]> 2021-10-07 16:53:52 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800459782 production‌ ‌possibilities‌ ‌curve michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800469417 A‌ ‌graph‌ ‌that‌ ‌shows‌ ‌alternative‌ ‌ways‌ ‌to‌ ‌use‌ ‌an‌ ‌
economy's‌ ‌productive‌ ‌resources.‌ 
]]> 2021-10-07 16:57:28 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800469417 underutilization michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800471803 The‌ ‌use‌ ‌of‌ ‌fewer‌ ‌resources‌ ‌than‌ ‌the‌ ‌economy‌ ‌is‌ ‌capable‌ ‌of‌ ‌
producing.‌
]]> 2021-10-07 16:58:19 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800471803 Needs michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800477898 Something essential for survival such as food or medical care.

]]> 2021-10-07 17:00:41 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800477898 Wants michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800479038 Something that we desire but its not necessary for survival such as video games or a stylish haircut.

]]> 2021-10-07 17:01:09 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800479038 Land michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800480327 All natural resources used to produce goods and services.

]]> 2021-10-07 17:01:40 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800480327 Labor michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800481487 Effort people devote to tasks in which they are paid.

]]> 2021-10-07 17:02:10 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800481487 Trade-Off michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800485190 The act of giving up one benefit in order to gain another, greater benefit.

]]> 2021-10-07 17:03:36 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800485190 opportunity cost michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800486617  The most desirable alternative somebody gives up as a result of a decision.

]]> 2021-10-07 17:04:14 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800486617 Socialism michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800502175 A range of economic and political systems based on the belief that wealth should be distributed evenly throughout society.

]]> 2021-10-07 17:10:34 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800502175 Command Economy michoant2023 https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800503525 Another name for a centrally planned economy.

]]> 2021-10-07 17:11:09 UTC https://padlet.com/michoant2023/q9ip1kvm370l6xpl/wish/1800503525