https://padlet.com/0566691/zgrgxc69s1jxhpr2 mind map on Market Economy, Traditional Economy, and Command Economy en-us 2021-06-01 22:12:06 UTC 2025-12-01 18:08:55 UTC hello@padlet.com 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1577748560 2021-06-01 22:14:45 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1577748560 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1577773901 An economy where the means of production are controlled by a centralized government. When opposed to a free market economy, this offers both goodsides and downsides.

-a central authority that determines and controls everything

]]> 2021-06-01 22:33:55 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1577773901 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1577901423 What is produced, how it is produced, and how it is dispersed are all determined by the government. 

-All workers are employed by the government, which sets their salary and job responsibilities unilaterally]]> 2021-06-02 00:06:40 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1577901423 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1578267744 Low levels of inequality and unemployment, as well as the common good replacing profit as the major motivator for production, are all advantages of the command economy. 

-The government controls production and prices]]> 2021-06-02 02:40:35 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1578267744 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1578320782 Unlike the free market's invisible hand, which cannot 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 desires.

-This is the unemployment rate in April]]> 2021-06-02 03:03:24 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1578320782 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1578336375 In a free market economy, profit motive drives most company choices; in a command economy, profit motivation is non-existent. As a result, a command economy government may modify products and services to promote the common good regardless of profit or loss.

-In this image you can see developed countries with free and/or universal health care]]> 2021-06-02 03:10:50 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1578336375 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579197559 They stifle innovation and prevent prices from stabilizing at an appropriate level for consumers in command economies. Many advances in health and technology have come from nations with free market economies in part because of this.

-this chart shows which countries are most in favor of the free market]]> 2021-06-02 11:36:54 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579197559 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579225038 In a free market economy, private enterprises must cut red tape as much as possible and keep operational and administrative costs low. The government is under no incentive to decrease expenses or simplify processes, therefore production under command economies is famously inefficient.

-This image represents the impact of cutting government spending]]> 2021-06-02 11:54:33 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579225038 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579288578 All important economic decisions are made by the government in a command economy. It has complete control over all means of production in a country. The government is in charge; the people are left alone.

-Government has complete control over all means of production in a country. ex. Raw materials, money, land]]> 2021-06-02 12:27:27 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579288578 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579336169 2021-06-02 12:47:26 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579336169 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579501050 A Traditional Economy is a system that is based on traditions, history, and long-held beliefs Economic decisions such as production and distribution are guided by tradition. Traditional economies rely on agriculture, fishing, hunting, gathering, or a mixture of these activities.

-examples of the agricultures that are relied on by the economy]]> 2021-06-02 13:41:55 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579501050 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579551849 The Maasai tribe of East Africa is a wonderful illustration of an early start of the traditional economy. Tribal elders there devised a tradition-based economic plan.

-In this image you can see the Maasai people who were indigenous people who lived essentially the same lifestyles generation after generation.]]> 2021-06-02 13:57:20 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579551849 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579930445 There is no one currency in a traditional economy. Instead, it relies on a barter and trading system. A traditional economy relies on the utilization of all items and services generated; nothing is thrown away in a traditional economy.

-In the image you can see  a barter and trading system, since thats what they use instead of a currency.]]> 2021-06-02 15:50:44 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1579930445 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580289648 A market economy is more efficient than a conventional economy. In a conventional economy, there are few career options. From generation to generation, specific duties are passed down.

-in the image below, you can see the benefits of a market economy]]> 2021-06-02 17:42:25 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580289648 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580435314 2021-06-02 18:33:16 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580435314 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580441008 Individuals hold all of the resources.

-the guy is holding a chart showing stocks going up]]> 2021-06-02 18:35:23 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580441008 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580441666 Consumers compete for the greatest deals on the goods and services they want.

-this chart shows the Pandemic's Uneven Effect on Consumer Spending]]> 2021-06-02 18:35:36 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580441666 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580452057 A market in which the majority of goods are owned by a single person and dispersed through market transactions.

-in the chart you can see the market interactions, trust and reciprocity]]> 2021-06-02 18:39:34 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580452057 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580456179 There is no system in place to assist people who are already at a disadvantage in the marketplace.

-in the image you can see how it is to sell in a marketplace]]> 2021-06-02 18:41:12 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580456179 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580462680 The rules of supply and demand govern a market economy.

-the image below informs you on supply and demand]]> 2021-06-02 18:43:40 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580462680 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580466827 Self-interest, competition, markets, and pricing all play a role

-these are the four features that play a role]]> 2021-06-02 18:45:11 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580466827 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580475467 One of the reasons for its success is the United States Constitution. It includes provisions that promote and protect the market economy's six characteristics.

-these are the six market economy characteristics]]> 2021-06-02 18:48:33 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580475467 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580479342 Customers are willing to pay top money for the products they want the most. Businesses will only produce things that make them money.

-this shows that businesses will only manufacture products that profit them]]> 2021-06-02 18:50:02 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580479342 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580565481 A traditional economy is one that does not run on the basis of profit.

-this proves that they dont work for profit]]> 2021-06-02 19:26:14 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580565481 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580575959 The majority of traditional economies just create what they require. There are rarely any leftovers or surpluses.

-traditional economies remove the need to create or trade money ]]> 2021-06-02 19:30:44 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580575959 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580584006 Traditional economies rely on barter to do business. It can only happen between non-competing organizations.

-proves that they rely on natural products]]> 2021-06-02 19:34:23 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580584006 0566691 https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580587849 Traditional economies often grow over generations, relying on the same time-tested economic drivers that a community's forefathers employed centuries before, such as agriculture, fishing, hunting, and training.

-this demonstrates the farming]]> 2021-06-02 19:35:53 UTC https://padlet.com/0566691/zgrgxc69s1jxhpr2/wish/1580587849