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COMMAND ECONOMY: An economy in which the government uses its coercive powers (such as command and control) to answer the three questions of allocation. This is the real world version of the idealized theoretical pure command economy. While in this real world version some allocation decisions are undertaken by markets, the vast majority are made through central planning. The two most notable command economies of the 20th century were the communist/socialist economic systems of China and the Soviet Union.

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Lesson 9: Macro Basics | Unit 1: The Macroeconomy Page: 2 of 16

Topic: Macroeconomics <=PAGE BACK | PAGE NEXT=>

Macroeconomics is the study of the entire economy, the aggregate economy. Microeconomics is the study of parts of the economy.
  • Economists first studied parts of the economy (markets, demand, supply, and prices), what we now call microeconomics.
  • The Great Depression of 1930's, motivated economists led by John Maynard Keynes, to study macroeconomics.
Microeconomics and macroeconomics have their own principles, theories, and phenomena. Both are part of economics and each is intertwined with the other.
  • The macroeconomy affects microeconomic decisions.
  • Microeconomic decisions affect the macroeconomy.

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PRODUCTION POSSIBILITIES

An analysis of the alternative combinations of two (or more) goods that an economy can produce with existing resources and technology in a given time period. Production possibilities analysis provides insight into the fundamentals of economic thinking, including the introduction of key economic concepts. This analysis usually centers on either a convex production possibilities curve (or frontier) that reflects alternative production combinations of two goods.

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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for slow moving vehicles with darkened windows.
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John Maynard Keynes was born the same year Karl Marx died.
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."

-- Mark Twain

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