My artistic shelf by Michael Dunn _ Student - EastWakeHS https://padlet.com/mddunn3/thxwqtzqohxz Made with good vibes en-us 2020-03-13 15:45:56 UTC 2020-03-13 16:12:35 UTC hello@padlet.com Command Economy mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460094512
  • an economy in which production, investment, prices, and incomes are determined centrally by a government.
    • Example- North Korea has a command economy

    ]]>     2020-03-13 15:49:23 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460094512     Market Economy mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460095728 one in which price and production is controlled by buyers and sellers freely conducting business.

    example- China has a market economy ]]>     2020-03-13 15:50:42 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460095728     Traditional Economy mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460097556 often based on one or a few of agriculture, hunting, fishing, and gathering.

    example- Nigeria]]>     2020-03-13 15:52:41 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460097556     Factor Market mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460098029 Factor market is the market for services needed to complete the production process.

    example- Raw materials]]>     2020-03-13 15:53:13 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460098029     Product Market mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460099293 Product markets refer to markets in which all kinds of goods and services are made and traded

    example - Airline travel]]>     2020-03-13 15:54:32 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460099293     Mixed Economy mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460101124 A mixed economy consists of both private and government/state-owned entities that share control of owning, making, selling, and exchanging good in the country.

    Example- US and France]]>     2020-03-13 15:56:24 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460101124     Law of Demand mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460102339 The law of demand states that all other things being equal, the quantity bought of a good or service is a function of price.

    example- ice cream]]>     2020-03-13 15:57:40 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460102339     Surplus mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460103336 something that is in excess of what you need.
    example- money left over after you have paid all of your bills. ]]>     2020-03-13 15:58:48 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460103336     Scarcity mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460104326 the state of being scarce or in short supply; shortage.

     The gasoline shortage in the 1970's]]>     2020-03-13 15:59:46 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460104326     Monopoly mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460105574 a firm who is the sole seller of its product, and where there are no close substitutes.

    Microsoft and Windows]]>     2020-03-13 16:01:03 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460105574     Need mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460106316 Something you need to survive

    Water]]>     2020-03-13 16:01:48 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460106316     Profit motive mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460106638 the desire for financial gain as an incentive in economic activity.

    a business might be willing to absorb lower profits and even losses in the present to strengthen its position and increase its market share so that it can earn higher profits in the future.]]>     2020-03-13 16:02:09 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460106638     Shortage mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460107863 a state or situation in which something needed cannot be obtained in sufficient amounts.


    water shortage]]>     2020-03-13 16:03:23 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460107863     Shift in demand curve mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460108675 A shift in the demand curve is when a determinant of demand other than price changes.

    an increase in income would mean people can afford to buy more widgets even at the same price.]]>     2020-03-13 16:04:11 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460108675     Shift in supply curve mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460110099 If the costs of production increase

    following a rise in the price of raw materials or a firm having to pay higher wages to its workers, then businesses cannot supply as much at the same price and this will cause an inward shift of the supply curve.]]>     2020-03-13 16:05:31 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460110099     Competition mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460111901 Competition is an interaction between organisms or species in which both the organisms or species are harmed.

    among animals could be the case of cheetahs and lions; since both species feed on similar prey, they are negatively impacted by the presence of the other because they will have less food, however they still persist together, despite the prediction that under competition one will displace the other.]]>     2020-03-13 16:07:09 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460111901     Equilibrium mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460114622  economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.

    An example of equilibrium is in economics when supply and demand are equal

    ]]>     2020-03-13 16:09:37 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460114622     Elastic good mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460116159 goods and services generally have plenty of substitutes

    furniture, motor vehicles, professional services, and transportation]]>     2020-03-13 16:10:49 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460116159     Inelastic good mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460116834 goods have fewer substitutes and so price change does not affect the quantity demanded as dramatically.

     gasoline.]]>     2020-03-13 16:11:27 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460116834     Factors of production mddunn3 https://padlet.com/mddunn3/thxwqtzqohxz/wish/460117364  land, labor, capital, and entrepreneurship

    Production is the process of making, harvesting or creating something or the amount of something that was made or harvested. An example of production is the creation of furniture. An example of production is harvesting corn to eat. An example of production is the amount of corn produced.]]>     2020-03-13 16:12:01 UTC https://padlet.com/mddunn3/thxwqtzqohxz/wish/460117364