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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 16: Perfect Competition | Unit 4: Long-Run Equilibrium
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Page: 19 of 28
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Topic:
Long-Run Marginal Cost
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- The firm's long-run marginal cost:
- Long-run marginal cost is the change in total cost resulting from a change in the quantity of output produced by a firm in the long run.
- The primary difference between the long run and short run is what constitutes cost.
- In the short run, cost changes due to changes in variable inputs such as labor and materials. In the long run, cost changes due to changes in ALL inputs, because ALL inputs are now variable.
- Moreover, short-run changes in cost are guided by the law of diminishing marginal returns. Long-run changes in cost, in contrast, are guided by returns to scale.
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INCOME RECEIVED BUT NOT EARNED The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for broken fingernail clippers.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing." -- William A. Ward
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SSRN
Social Science Research Network
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