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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.
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Lesson 1: Economic Basics | Unit 3: The Economy
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Page: 9 of 18
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Topic:
A Mixed Economy: The Mix
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A pure market economy and a pure command economy are two theoretical extremes in the allocation of resources. - Real world economies form a continuum bounded by these two extremes. They are mixed economies:
- A mixed economy is one that relies on both markets and government to allocate resources.
- Market-oriented economies, also called capitalism, are mixed economies that lean heavily to the market end.
- Socialism and communism are mixed economies that lean more (a lot more) toward government control.
The mixed U.S. economy leans heavily to the market end of the market-government continuum.
Three indicators of government involvement:- Taxes: Government controls about 1/3 of the revenue generated in the economy each year.
- Spending: Government buys 20% of the goods produced each year.
- Regulations: Government influences many allocation decisions through laws, rules, and other restrictions.
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LONG-RUN INDUSTRY SUPPLY CURVE The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry has completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities that reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths, indicating an increasing-cost industry, a decreasing-cost industry, and a constant-cost industry.
Complete Entry | Visit the WEB*pedia |
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for fairy dust that tastes like salt.
Your Complete Scope
This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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