Economic Systems Project by Nithila Chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc By Nithi Chrisostam en-us 2019-05-20 22:14:45 UTC 2025-04-25 16:02:29 UTC hello@padlet.com https://imgglb.padletcdn.com/v13/image?t=g_auto&url=https%3A%2F%2Fpadlet.net%2Ficons%2Fpng%2F1f4b8.png s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361943484 2019-05-21 00:05:13 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361943484 s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944195 2019-05-21 00:08:59 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944195 What? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944514 The goods produced in Nithitropolis depend solely on consumer demand. If the consumers want banana milk? They get banana milk. Business owners and entrepreneurs live for the audience; they create what the consumers are willing to pay for.]]> 2019-05-21 00:10:38 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944514 How? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944585 How are goods produced? It depends on the producer, because they are in control of their own work. I, an entrepreneur with a successful banana milk business, find it easier to make my finely-crafted banana milk by hand. However, Lucas, my competitor, might find it more efficient to use machinery to make his banana milk. In the end, it’s all a competition, and producers have the freedom to create their goods in whatever way is most efficient for them.]]> 2019-05-21 00:10:55 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944585 For whom? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944635 This question falls in the hands of the producers; they decide who they make their goods for. In Nithitropolis, it is whoever is willing and able to buy for goods and services. Kylie is one of those people; she’s a multi-millionaire, and she can pay for pretty much anything she wants. Lucas, on the other hand, is nearly broke, so he can’t have these goods and services. It seems unfair, but in Nithitropolis, it’s all about survival of the fittest.]]> 2019-05-21 00:11:11 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944635 Strengths s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944935 Nithitropolis is all about giving its citizens freedom. Everyone has the option to pursue their goals. Courtney, an artist, can start her own banana milk company, and no one can tell her not to - Except for, perhaps, someone who hates banana milk with a passion. 
As a result of this unbridled freedom, Nithitropolis’s economy is also extremely efficient and it grows a lot! This is because of all the innovation from entrepreneurs; everyone is in constant competition with each other, and as a result, the economy grows!
]]> 2019-05-21 00:12:41 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361944935 Weaknesses s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945121 While Nithitropolis has many pros, it also has many cons. There is not much equity in this economy. For example, Lucas is a citizen who wants to move into the water bottle industry, but he has insufficient skills to do so. As a result, he won’t be able to make it - In this economy, it’s all a competition. There also isn’t much security in this economy; Lucas, having spent his life-savings on banana milk, has no benefits or entitlements to fall back on. Finally, due to the fact that there is no government control, Nithitropolis lacks stability. In a pure market economy, there’s no one to control inflation, price levels, and unemployment rates. Living in a market economy is survival of the fittest- It’s all just a leap of faith.]]> 2019-05-21 00:13:53 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945121 What? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945301 The goods in Nithitopia are determined by planners from the government. Mimi is a central planner from the government; she has to accurately calculate the amount of goods to produce for the entire population. She decides that this year, Nithitopia will be producing metal bottles for all its citizens. Mr. Clarke is a citizen of Nithitopia, and he hates metal water bottles. But he does not have a choice, because the government creates what’s in its own best interest, not that of it’s citizens.]]> 2019-05-21 00:14:49 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945301 How? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945429 Once again, the government of Nithitopia is responsible for determining how they create their goods. In Nithitopia, all goods are made and processed in huge factories. It’s just most efficient for them. Juliette is a worker in a particular factory that processes metal water bottles, and she does not enjoy working there - She thinks the metal water bottle industry would be more efficient if they hand-crafted the bottles. However, she has no voice, and thus cannot let her opinions on the mass production of these water bottles be heard.]]> 2019-05-21 00:15:32 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945429 For whom? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945528 Once again, this question falls in the hands of the government and the central planners. Mimi thinks Seth is pretty cool human being, so she’s willing to give Seth a bunch of goods and services, like apples, and free healthcare (which is kind of ironic, considering the apples and the doctors). In Nithitopia, if you are important in the eyes of the central planners, you are a part of the population for whom the goods are made for. And if you’re not? That sucks to be you, I suppose...]]> 2019-05-21 00:15:56 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945528 Strengths s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945717 Nithitopia is all about holding our horses- We’re extremely stable (haha, get it?). Since everything is controlled by the government, there’s no need to worry about the state of the economy, as one might do in a market economy. Our economy also excels at providing security for our citizens. Juliette works at a water bottle company, and as a result, she gets housing paid for her by that company. In addition to housing, we also offer free healthcare and retirement benefits for our wonderful citizens. ]]> 2019-05-21 00:16:37 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945717 Weaknesses s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945820 While Nithitopia has it’s benefits, it also has some downsides. There’s not much equity in our system; Juliette, a hard-working employee, makes exactly the same as every other person at her workplace. People get paid no matter how hard they work, which leads to inefficiency. Our economy also lacks in growth, because there is no entrepreneurship or innovation to fuel competition. Since central planners have to predict the needs of the entire country, these calculations have much room for error. And above all, our country lacks economic freedom. Seth loves apples, and since he was young, he always wanted to become an apple farmer. However, he was assigned to work in a dictionary manufacturing facility by the government, where he must spell “color” without a ‘u’. He doesn’t like it, but he does not have the option to pursue his passion in command economies, much like the many other citizens who reside in Nithitopia.]]> 2019-05-21 00:17:05 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361945820 s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361946069 2019-05-21 00:18:24 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361946069 The Best of Both Worlds s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361955273 Out of the three options - Nithitropolis, Nithitopia, and Nithi City - I think I would have to go with Nithi City. It combines the pros of each country, like Nithitropolis' growth and efficiency, plus Nithitopia's security. It might not have banana milk, or metal water bottles, but it's still the best economy to live in. To live in Nithitropolis would be death-defying. Since there is barely any security and stability, starting a business in Nithitropolis would take huge risks, with no guarantee that it would be worth it. On the other hand, living in Nithitopia would be too restrictive, due to it's inefficiency and lack of freedom. It would be frustrating to live in a place where nothing got accomplished, and above all, a place where you couldn't follow your passion. So, in conclusion, due to it's "just right" nature, Nithi City is the best place to live!]]> 2019-05-21 01:03:39 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/361955273 What? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326405 The goods in Nithi City are based off consumer demand, but only if they fall within the government limits. Mridula is a citizen in Nithi City, and she, along with many others in Nithi City, loves coffee. And so coffee is produced in Nithi City, because so many people want it. But people also want bad things, like asparagus. Asparagus has been deemed illegal by the government though, so the producers of Nithi City are not allowed to sell asparagus to their consumers.]]> 2019-05-21 21:12:09 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326405 How? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326437 Goods in Nithi City are produced in whatever way is most efficient for the producer, but there are also restrictions set by the government for these productions. For example, in Nithi City, dumping trash into rivers is subject to huge fines. Mridula is a producer who has a huge coffee company, called Heart Dollars. As mandated by the government, 100% of the waste produced by her factories is disposed responsibly. In addition to this restriction, the government has also set the minimum legal working age the 15. These are various restrictions that are set by the government, that producers must abide when creating goods and services.]]> 2019-05-21 21:12:14 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326437 For whom? s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326471 The goods and services in Nithitopia are primarily for anyone who is willing and able to buy them. However, the government recognizes that there are also many people who might not be able to access these goods and services. So, Nithi City also offers food stamps and social security for people to fall back on if needed. They correct for market failure whenever necessary.]]> 2019-05-21 21:12:20 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326471 Strengths s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326557 Nithi City’s economy is fantastic when it comes to growth and efficiency. There is just enough freedom for producers to create what they want, and despite government restrictions, there is still a healthy amount of competition and innovation for the economy to flourish. In addition to this, Nithi City is also extremely stable. This is because the government is existent, and capable of reeling everything in if things get too out of hand. There is just the right amount of government interaction for Nithi City to grow, be efficient, and remain stable, yet still not impede on the citizens’ best interests.]]> 2019-05-21 21:12:36 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326557 Weaknesses s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326580 When it comes to weaknesses, Nithi City doesn’t have many cons to offer! It’s equity is up for debate, as it usually is. For those who have less, the economic system would obviously unfair, and vice versa. As for freedom, Nithi City has an apt amount of freedom, because it allows it's producers to make whatever they want. But it’s not as much as its neighbouring country, Nithitropolis, due to government restrictions. At the same time, while Nithi City does have some amount of security for its citizens (food stamps, social security, etc), it’s nowhere near as much as Nithitopia’s economic system (housing, free healthcare, etc). ]]> 2019-05-21 21:12:40 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362326580 s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362328596 2019-05-21 21:23:09 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362328596 s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362335115 2019-05-21 21:59:13 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362335115 s_nithila_chrisostam https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362335993 2019-05-21 22:03:47 UTC https://padlet.com/s_nithila_chrisostam/wqelnvl89gwc/wish/362335993