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VERIFIED PRINCIPLE: A generally accepted, verified, fundamental law of nature that has been tested against and verified with real world data. A verified principle begins as an hypotheses implied by a theory, which is then compared against real world observations. If the hypothesis is consistently supported by data, it achieves the rank "verified" principle. This should be contrasted with unverifiable axiom.

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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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BUREAU OF LABOR STATISTICS

An independent agency of the Federal government that collects labor economics data in the United States economy, conducts economic research and analysis, develops and implements estimation methodologies, and disseminates economic statistics to the public. The information produced by the Bureau of Labor Statistics (BLS for short) allows the government, business leaders, researchers, and the public to follow and understand the performance of the U.S. economy, particularly in regard to workers, work places, and families of workers. The BLS also serves as a statistical resource to the U.S. Congress, other Federal agencies, and state and local governments.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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