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      <title>econ vocab topic 1&amp;2 by Mason Day</title>
      <link>https://padlet.com/daymas2022/s461flptexjrkxw</link>
      <description>Made with good vibes</description>
      <language>en-us</language>
      <pubDate>2021-10-08 17:28:21 UTC</pubDate>
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      <item>
         <title>Trade-Off</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803047207</link>
         <description><![CDATA[<div>the act of giving up one benefit in order to gain another, greater benefit</div>]]></description>
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         <pubDate>2021-10-08 17:32:58 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803047207</guid>
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      <item>
         <title>opportunity cost</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803048620</link>
         <description><![CDATA[<div>the most desirable alternative given up as the result of a decision</div>]]></description>
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         <pubDate>2021-10-08 17:33:49 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803048620</guid>
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      <item>
         <title>Production Possibilities Curve</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803052947</link>
         <description><![CDATA[<div>a graph that shows alternate ways to use a country's productive resources.</div>]]></description>
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         <pubDate>2021-10-08 17:36:29 UTC</pubDate>
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      <item>
         <title>free market economy</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803055138</link>
         <description><![CDATA[<div>an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets</div><div><br></div>]]></description>
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         <pubDate>2021-10-08 17:37:47 UTC</pubDate>
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      <item>
         <title>firm</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803056319</link>
         <description><![CDATA[<div>an organization that uses resources to produce a product or service, which it then sells</div>]]></description>
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         <pubDate>2021-10-08 17:38:28 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803056319</guid>
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      <item>
         <title>product market</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803057706</link>
         <description><![CDATA[<div>the arena of exchange in which households purchase goods and services from firms</div>]]></description>
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         <pubDate>2021-10-08 17:39:17 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803057706</guid>
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      <item>
         <title>incentive </title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803058837</link>
         <description><![CDATA[<div>the hope of reward or fear of penalty that encourages a person to behave in a certain way</div>]]></description>
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         <pubDate>2021-10-08 17:39:57 UTC</pubDate>
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      </item>
      <item>
         <title>consumer sovereignty</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803059768</link>
         <description><![CDATA[<div>he power of consumers to decide what gets produced</div>]]></description>
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         <pubDate>2021-10-08 17:40:29 UTC</pubDate>
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      <item>
         <title>profit motive</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803060994</link>
         <description><![CDATA[<div>the incentive that drives individuals and business owners to improve their material well-being</div>]]></description>
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         <pubDate>2021-10-08 17:41:09 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803060994</guid>
      </item>
      <item>
         <title>voluntary exchange</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803062212</link>
         <description><![CDATA[<div>the principle that people may decide what, when, and how they want to buy and sell</div>]]></description>
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         <pubDate>2021-10-08 17:41:51 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803062212</guid>
      </item>
      <item>
         <title>private property rights</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803064446</link>
         <description><![CDATA[<div>the principle that people have the right to control their possessions and use them as they wish</div>]]></description>
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         <pubDate>2021-10-08 17:43:00 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803064446</guid>
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      <item>
         <title>centrally planned economy</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803068136</link>
         <description><![CDATA[<div>an economic system in which the government makes all decisions on the three key economic questions</div><div><br></div>]]></description>
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         <pubDate>2021-10-08 17:45:09 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803068136</guid>
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      <item>
         <title>socialism</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803069256</link>
         <description><![CDATA[<div>a range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society</div><div><br></div>]]></description>
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         <pubDate>2021-10-08 17:45:50 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803069256</guid>
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      <item>
         <title>communism</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803069856</link>
         <description><![CDATA[<div>
<strong>&nbsp;</strong>a political system in which the government owns and controls all resources and means of production and makes all economic decisions</div><div><br></div>]]></description>
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         <pubDate>2021-10-08 17:46:11 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803069856</guid>
      </item>
      <item>
         <title>laissez faire</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803071632</link>
         <description><![CDATA[<div>he doctrine that government generally should not intervene in the marketplace</div>]]></description>
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         <pubDate>2021-10-08 17:47:15 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803071632</guid>
      </item>
      <item>
         <title>private property</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803072207</link>
         <description><![CDATA[<div>property that is owned by individuals or companies, not by the government or the people as a whole</div>]]></description>
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         <pubDate>2021-10-08 17:47:36 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803072207</guid>
      </item>
      <item>
         <title>privatization</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803073312</link>
         <description><![CDATA[<div>
<strong>&nbsp;</strong>a period of change in which a nation moves from one economic system to another</div>]]></description>
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         <pubDate>2021-10-08 17:48:16 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803073312</guid>
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      <item>
         <title>market</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803075923</link>
         <description><![CDATA[<div>any arrangement that allows buyers and sellers to exchange things</div><div><br></div>]]></description>
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         <pubDate>2021-10-08 17:49:45 UTC</pubDate>
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      <item>
         <title>specialization </title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803076562</link>
         <description><![CDATA[<div>the concentration of the productive efforts of individuals and businesses on a limited number of activities</div>]]></description>
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         <pubDate>2021-10-08 17:50:09 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803076562</guid>
      </item>
      <item>
         <title>household</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803077165</link>
         <description><![CDATA[<div>a person or group of people living in a single residence</div>]]></description>
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         <pubDate>2021-10-08 17:50:31 UTC</pubDate>
         <guid>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803077165</guid>
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      <item>
         <title>self interest</title>
         <author>daymas2022</author>
         <link>https://padlet.com/daymas2022/s461flptexjrkxw/wish/1803078163</link>
         <description><![CDATA[<div>an individual’s own personal gain</div>]]></description>
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         <pubDate>2021-10-08 17:51:10 UTC</pubDate>
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