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Lesson 1: Economic Basics | Unit 3: The Economy Page: 9 of 18

Topic: A Mixed Economy: The Mix <=PAGE BACK | PAGE NEXT=>

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.

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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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