https://padlet.com/0459415/twck4tddr0pyn3d1 Sarah Ramirez, Period 1 en-us 2021-05-25 13:22:51 UTC 2023-03-29 23:44:18 UTC hello@padlet.com 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1557526674 Market Economy]]> 2021-05-25 13:26:06 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1557526674 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566719106 2021-05-27 21:33:40 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566719106 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566721678 2021-05-27 21:35:04 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566721678 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566729555 A traditional economy is one that is based on long-held ideas, conventions, and history. Economic decisions like production and distribution are influenced by tradition. ]]> 2021-05-27 21:39:37 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566729555 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566730442 A command economy is one in which the means of production are controlled by a central authority.
The government decides what is produced, how it is produced, and how it is dispersed in a command economy.]]> 2021-05-27 21:40:09 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566730442 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566731851 Individuals own and manage the majority of resources in a market economy, which are allocated through voluntary market transactions determined by supply and demand. ]]> 2021-05-27 21:41:01 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566731851 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566864281 On a voluntary basis in the market, people trade resources such as money for other resources such as products or services. The traded resources' value is determined by the scarcity of each resource and the number of persons who want it. ]]> 2021-05-27 23:08:32 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566864281 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566865052 When a resource's availability is limited but demand is great, the price is likely to rise. The price will tend to be low if demand is low and supply is high.]]> 2021-05-27 23:09:07 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566865052 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566870436 The proportional risks and rewards (or profits) that a specific economic activity poses to individuals determines economic growth and development in a market economy. ]]> 2021-05-27 23:12:34 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566870436 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566871719 Certain activities are unlikely to be followed if the risks are too great and the benefits are too low. In a market economy, the government's role in regulating market transactions is mostly confined to ensuring that the market's rules are followed and applied equitably to all participants. ]]> 2021-05-27 23:13:29 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566871719 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566872498 Furthermore, the government's role in planning or directing economic development and growth is minimal. In actuality, there is no such thing as a pure market economy because no taxes on economic activity would exist.]]> 2021-05-27 23:14:03 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566872498 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566905975 This photo shows the six characteristics of a market economy. ]]> 2021-05-27 23:35:45 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566905975 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566911288 Private property, freedom of choice, self-interest motivation, competition, market and pricing systems, and limited government are six characteristics of a market economy.]]> 2021-05-27 23:38:57 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1566911288 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567000628  In a command economy, private enterprise doesn't exist. The government employs all workers and sets their salary and job responsibilities unilaterally.
Structures based on command economies have both advantages and disadvantages.]]> 2021-05-28 00:23:59 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567000628 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567001800  Low levels of inequality and unemployment, as well as the common good replacing profit as the major motive for production, are all advantages of the command economy.]]> 2021-05-28 00:24:30 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567001800 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567002672  Lack of competition and inefficiency are two drawbacks of the command economy.]]> 2021-05-28 00:24:53 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567002672 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567013932 Unlike the free market's invisible hand, which can't be influenced by a single firm or individual, the government in a command economy may set salaries and job vacancies to achieve the unemployment rate and salary distribution it wants.

]]> 2021-05-28 00:29:17 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567013932 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567015882 In a command economy (also known as a "planned economy"), the government has a plan that it utilizes to issue directives to industries. The government also controls people's earnings. ]]> 2021-05-28 00:29:58 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567015882 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567017909 Because the government controls practically everything, including land, you won't be able to invest your money. This strategy lowers competitiveness in the country, resulting in material deprivation in most cases. The government's primary purpose, in principle, is not to earn a profit. Instead, it aspires to take action.]]> 2021-05-28 00:30:43 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567017909 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567075213 The government decides what, and how to produce certain things and their price.]]> 2021-05-28 00:51:58 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1567075213 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570644648 Agriculture, fishing, hunting, gathering, or a mixture of these activities are important in traditional economies.]]> 2021-05-29 16:51:08 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570644648 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570645837  Instead of money, they utilize barter. Traditional economies rely on cultural values and ideas to make economic decisions.

]]> 2021-05-29 16:52:34 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570645837 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570646296 Farming, hunting, and fishing are the mainstays of the local economy. Several traditional economies have evolved into a hybrid of capitalism, socialism, and communism. ]]> 2021-05-29 16:53:08 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570646296 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570646973 Other economic types that consume vast amounts of natural resources can have a detrimental impact on traditional economies.]]> 2021-05-29 16:53:56 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570646973 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570664842 The following are five major points of the conventional economy: They gradually evolve to develop some sort of money for trade, revolve around family, exist in a hunter-gatherer and nomadic culture, commerce relies primarily on barter, produce just what you need (surplus or leftovers are uncommon), and produce only what you need (surplus or leftovers are uncommon).

]]> 2021-05-29 17:16:04 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570664842 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570666933 Capitalism, socialism, and communism may all be found in traditional economies. It all relies on how they're configured. Capitalism is present in agricultural countries that enable private ownership of farms. If nomadic groups allocate produce to those who have earned it the most, they are practicing socialism. This is known as "to each according to his contribution" in socialism.]]> 2021-05-29 17:18:40 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570666933 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570668534 This photo shows the five traits in a traditional economy as described above.]]> 2021-05-29 17:20:35 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1570668534 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1576265294 2021-06-01 13:39:50 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1576265294 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1576420931 2021-06-01 14:22:50 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1576420931 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1576531331 2021-06-01 14:54:22 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1576531331 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577568984 2021-06-01 20:26:51 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577568984 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577753088 2021-06-01 22:18:04 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577753088 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577809454 2021-06-01 23:03:01 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577809454 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577851768 2021-06-01 23:35:55 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577851768 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577853653 2021-06-01 23:37:06 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577853653 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577867430 2021-06-01 23:46:09 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577867430 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577870412 2021-06-01 23:48:05 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577870412 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577871323 2021-06-01 23:48:42 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577871323 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577871720 2021-06-01 23:48:58 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577871720 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577917340 2021-06-02 00:15:01 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577917340 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577918246 2021-06-02 00:15:29 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577918246 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577922177 2021-06-02 00:17:21 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577922177 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577923122 2021-06-02 00:17:43 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577923122 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577929231 2021-06-02 00:20:37 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577929231 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577931779 2021-06-02 00:21:49 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577931779 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577933663 2021-06-02 00:22:42 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577933663 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577958602 2021-06-02 00:33:31 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577958602 0459415 https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577978490 2021-06-02 00:41:05 UTC https://padlet.com/0459415/twck4tddr0pyn3d1/wish/1577978490