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WPI: The abbreviation for Wholesale Price Index, which is an index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 15 of 18

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Markets do a reasonable, but not make perfect, job of pursuing the five economic goals.

Market Imperfections:

  • Instability: Markets can cause instability in the macroeconomy, preventing growth, stability, and full employment.
  • Inefficiency: Market imperfections can prevent the economy from efficiently using resources.
  • Equity: The market generated distribution of income and wealth might not be desired by society.

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MARKET-ORIENTED ECONOMY

A mixed economy that relies heavily on markets to answer the three questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, the term market-oriented economy is much more descriptive of the structure of the economy. The United States is the primary example of a market-oriented economy.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for broken fingernail clippers.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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