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January 22, 2018 

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MARKET SOCIALISM: A type of economy based on--(1) government, rather than individual, ownership of many resources, especially those like heavy manufacturing, energy reserves, widely used raw materials (lumber, steel), and transportation systems, that are deemed critical to the operation of the economy; (2) answering three questions of allocation with a combination of central planning by government and decentralized decision-making by individual factories and the owners of non-critical resources; (3) the limited use of markets to exchange farm products and retail consumer goods; (4) economic and monetary incentives, such as bonus, paid to the workers of government-owned facilities to encourage efficiency and increased productivity.

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Lesson 11: Circular Flow | Unit 4: Foreign Page: 16 of 22

Topic: Foreign Trade <=PAGE BACK | PAGE NEXT=>

The foreign sector is the fourth and last circular flow sector.
  • The foreign sector is households, businesses, and governments outside the domestic economy (including other planets).
  • Market exchanges are a natural means of addressing the scarcity problem. Mutually beneficial exchanges aren't limited by geographic location or political boundaries.
  • Foreign trade, the exchange among buyers and sellers in different nations, is an extension of mutually beneficial exchanges among people of the same country.
  • Foreign trade gives us the terms exports and imports.

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SECOND ESTATE

Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?

The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

OPEC
Organization of Petroleum Exporting Countries
A PEDestrian's Guide
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