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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 3: Scarcity | Unit 3: Opportunity Cost Page: 10 of 17

Topic: Economic Cost <=PAGE BACK | PAGE NEXT=>

The pervasive problem of scarcity makes opportunity cost fundamental to life itself and to the study of economics.
  • Economists use the term economic cost to mean opportunity cost. They also just use the term cost.
  • Cost is foregone alternative, not necessarily the amount of money paid. Money is a way to keep score. Money is a good way to measure opportunity cost, but not the only way.Two types of opportunity or economic costs:
  • Explicit opportunity cost: Out-of-pocket or accounting cost that involves a money payment.
  • Implicit opportunity cost: Cost that does not involve a money payment.

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PAPER ECONOMY

Markets, exchanges, and other assorted economic activities that deal with legal or paper claims on physical assets rather than the physical assets. The vast majority of activities for the paper economy take place through financial markets. The paper economy complements production and consumption activities of the real economy that involve product markets and resource markets.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for attractive cable television service repair people.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

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