https://padlet.com/0539420/yjlp918mev3f6ksb Camila Molero P.1 en-us 2021-05-25 13:32:32 UTC 2025-12-27 15:46:10 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/1122277941/1590385ee6cf15c51cb59e7aa012d6e2/Screen_Shot_2021_05_25_at_9_45_05_AM.png 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557615661 2021-05-25 13:45:52 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557615661 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557624217 2021-05-25 13:47:48 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557624217 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557627044 2021-05-25 13:48:22 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557627044 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557629414 2021-05-25 13:48:54 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557629414 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557634982 In a traditional economy, there is a fear of change, and the people rely on tradition and culture to decide economic questions.  

In a traditional economy, the people usually stick to farming, and hunting, for food. ]]> 2021-05-25 13:50:06 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1557634982 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1565073191 A traditional economy depends on agriculture for products, in which nothing goes to waste, and the people only produce what they need. This means that fishing, hunting, and farming are the main sources of food, and goods, for the people. 

In the picture, one can see a group of people taking the grown crops from the land, to then cook them for food. ]]> 2021-05-27 13:30:27 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1565073191 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1565097185 In a traditional economy, the children often work the same job that their parents did. 

In the picture, the little girl can be seen "working" just like her mom is, with the same computer, glasses, etc.]]> 2021-05-27 13:36:39 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1565097185 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1565114243 Today, there are many groups who follow a traditional economy, like the Eskimos and the Amish. They live just as their ancestors did, with no electricity, and hunt for food. 

In this picture, a group of Eskimos can be seen hunting for their food, wearing fur coats. ]]> 2021-05-27 13:40:59 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1565114243 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1565176568 One advantage in a traditional economy is that everyone knows the role they play and what they are supposed to do in the community. 

In the photograph, everyone can be seen doing something, and working together to benefit their community. ]]> 2021-05-27 13:56:02 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1565176568 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568335639 One disadvantage in a traditional economy is that because the people rely on nature to provide food, when there is a change in weather, or a specific change in season, there can be certain crops that may not be available.

In the picture, the soil is dried out and there are no crops to pick out, meaning that the people would not be able to eat it until it grows again. ]]> 2021-05-28 12:54:35 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568335639 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568351952 Another advantage of a traditional economy is that there is very little friction, or disagreements, between one another because everything follows tradition and old customs. 

In the picture, the two characters are seen helping each other out, and putting in the equal amount of effort, with no disputes. ]]> 2021-05-28 13:00:38 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568351952 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568429247 An additional disadvantage of a traditional economy is that it offers very little options and freedom to the people of the community. In other words, because everything follows the tradition of the group's culture, the people have to follow those rules, not any other rules that could interfere with the community/ economy. 

This picture shows that although the people work together to accomplish better things, they do not have many other options than to work and provide for the economy. ]]> 2021-05-28 13:25:29 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568429247 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568514923 A market economy all of the economic questions are answered by the people and those who work. 

The picture shows that the people who work are the ones who drive the economy in a market economy. ]]> 2021-05-28 13:52:00 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568514923 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568534703 In a market economy, there is a large amount of privacy between the government and the workers. This means that the government cannot control anything that private business owners do or sell, and they cannot determine the prices of any goods being sold. 

The government has no say in the economy and they cannot regulate anything being sold in private companies. 

]]> 2021-05-28 13:58:02 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1568534703 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571837581 In a market economy, the people decide what they want to buy, from where, when, and the amount of that item that they wish to buy. 

In the picture, two groups have different wants, and different options of where to shop. ]]> 2021-05-30 17:53:10 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571837581 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571852060 In a market economy, the cycle depends on supply and demand. This means that if one product is not in stock in very many places because so many people are buying it, the price will eventually increase. If there is a product that is not selling how it should, the price will go down, in order for people to buy it. 

In the picture, it is seen that to make money, and profit from selling items, there must be a certain amount of supply and demand. If not, the economy may suffer. ]]> 2021-05-30 18:05:33 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571852060 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571867710 An example of a market economy is the United States. Although the U.S. does not have a pure market economy, every business owner and producer in the U.S. can sell what they'd like, at the price that they would like. The United States has many of the main characteristics of a market economy, which allows everyone to have their own freedom when it comes to their own money. 

In the photograph, one can see examples of countries with the most economic freedom, U.S. being one of the top three. ]]> 2021-05-30 18:20:14 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571867710 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571880065 Because there are so many options and stores that produce related items, there is a lot of competition in market economies, which keeps everything running. Without competition, the economy would be slow and there would only be one price for the same item. For example, T-mobile, Sprint, AT&T, Xfinity, and other mobile services compete against each other, offer different prices and discounts, and provide options, which allows people to choose where they to spend their money. 

As shown in the picture, there are different shops that offer different things, like coupons and discounts, but generally still provide the same thing. ]]> 2021-05-30 18:32:39 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571880065 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571893716 Remember when I said that the government can't get involved in a market economy? Well, there are certain times when the government can step in and take charge. For instance, when a company is selling illegal things, and to regulate minimum wages, the government may get involved if needed. The government has very limited control over the economy, but it still has the job to keep things under control.

The picture shows a man, which can represent the government, who is holding the weight of the economy and controlling some main components. ]]> 2021-05-30 18:46:18 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571893716 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571921374 A market economy can also be known as free enterprise, or capitalism.

The picture shows that these three names all equal the same thing and have the same set of (general) rules. ]]> 2021-05-30 19:11:40 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1571921374 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1573716692 A command economy is an economy where the government has total control over everything, and owns all resources. 

This picture represents that although it is the people that have their own businesses, it is the government that controls them, and says what to do with them.

]]> 2021-05-31 14:15:29 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1573716692 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1573736583 In a command economy, the government sets prices, owns all goods that will be sold at a store, sets business hours, tells businesses how much to make and how many customers can enter their store everyday. 

The picture represents the central government and the business owners/ workers agreeing to the rules the government set. If the workers do not agree, their business can be shut down completely. ]]> 2021-05-31 14:24:38 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1573736583 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1573761710 An advantage of a command economy is that there are low levels of unemployment. Because the government sets wages and job openings, there are jobs available for the people. 

The picture shows a "Now Hiring" sign, which is controlled by the government in a command economy. ]]> 2021-05-31 14:36:07 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1573761710 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1573816946 A command economy is the opposite of a (free) market economy.  While there is freedom for the workers in a market economy, there is a very limited amount of freedom, if any, in a command economy.

The graph shows who provides in each  economy, as well as who runs the majority. ]]> 2021-05-31 15:02:40 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1573816946 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1574091545 In a command economy, the government answers the basic economic questions that businesses follow or go by. 

The picture shows that the central government is running, or in this case "flying," the economy and guiding it to be how thee government believes it should be. In addition, the government is the one making the decisions for the "private" business owners. ]]> 2021-05-31 17:27:58 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1574091545 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1574099140 An example of a command economy is Cuba. In Cuba, the government controls everything and anything, leaving the people with very little options and freedom. 

In the photograph, there are Cuban citizens protesting the government and the way the government has ran the country in passed years. ]]> 2021-05-31 17:32:08 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1574099140 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1574383958 A disadvantage of a command economy is that they are inefficient, and there is very little room to be creative and show talent. In other words, because the government dictates what one can and cannot do, the business owners may not be able to sell certain things that they worked hard on, or simply show the public what they can do.

The picture represents the central government (the man in black) setting rules and telling the people (the two men in white) what the can and cannot sell, in order to bring more money to him. ]]> 2021-05-31 20:28:46 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1574383958 0539420 https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1574397592 A command economy can also be known as a centrally- planned economy, or a planned economy. The name suggests that everything is planned around and accordingly to the central government. 

The picture shows that a command economy and a planned economy are the same thing, with the same components and rules as one another. ]]> 2021-05-31 20:39:37 UTC https://padlet.com/0539420/yjlp918mev3f6ksb/wish/1574397592