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February 17, 2019 

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RESOURCE MARKETS: Market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.

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MIXED ECONOMY: An economy, or economic system, that relies on both markets and governments to allocate resources. While, in theory, we could have a pure market economy or a pure command economy, in the real world all economies are mixed, relying on both markets and governments for allocation decisions. Markets allocate resources through voluntary choices made by living, breathing people. Government forces allocation through involuntary taxes, laws, restrictions, and regulations. Both institutions play vital roles in an economy.

     See also | economy | economic system | market | government | three questions of allocation | pure market economy | pure command economy | capitalism | market-oriented economy | socialism | communism |


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MIXED ECONOMY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: February 17, 2019].


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EMPIRICAL

Based on or relating to the collection or analysis of real world data. The term empirical is commonly used as a modifier to provide contrast with theoretical. Whereas theoretical refers to abstract representations, empirical indicates actual real world observations.

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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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