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October 18, 2018 

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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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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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HORIZONTAL EQUITY

A tax equity principle stating that people with the same ability to pay taxes should pay the same amount of taxes. This is one of two equity principles related to the ability-to-pay principle. The other is vertical equity, which states that people with a different ability to pay taxes should pay a different amount of taxes.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for defective microphones.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

AFRA
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