Google
Friday 
May 23, 2025 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
PRICE ELASTICITY OF DEMAND: The relative response of a change in quantity demanded to a relative change in price. More specifically the price elasticity of demand can be defined as the percentage change in quantity demanded due to a percentage change in demand price. The price elasticity of demand should be compared with the price elasticity of supply.

Visit the GLOSS*arama


PURE COMMAND ECONOMY:

An economy, or economic system, that relies exclusively on governments to allocate resources and to answer all three questions of allocation. This theoretical ideal has no markets, government makes all allocation decisions. Then contrasting theoretical ideal is a pure market economy in which markets make all allocation decisions.
Economic Systems
Economic Systems
A pure command economy is a theoretical extreme on the spectrum of economic systems that does not actually exist in the real world. It does, however, provide a benchmark that can be used for comparison with real world economic systems.

In pure command economies, governments force all allocation through involuntary taxes, laws, restrictions, and regulations. Governments set forth the laws and rules. If folks do not follow the rules, then they are punished. Governments can punish those who do not follow the rules because... well... because they are the governments. Given a choice, most humans probably would rather NOT pay taxes or have their cars safety inspected. They follow government rules because they have to, because that IS the law.

The real world embodiment of a pure command economy is termed a command economy. The communistic/socialist economies of China and the former Soviet Union are primary examples of command economies.

While, in theory, resource allocation could be undertaken exclusively through markets or governments, in the real world, all economies rely on a mix of both markets and governments for allocation decisions, what is termed a mixed economy.

<= PUBLIC SECTORPURE MARKET ECONOMY =>


Recommended Citation:

PURE COMMAND ECONOMY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 23, 2025].


Check Out These Related Terms...

     | pure market economy | command economy | capitalism | socialism | communism | market socialism | market-oriented economy |


Or For A Little Background...

     | mixed economy | economic system | public sector | central planning |


And For Further Study...

     | three questions of allocation | distribution standards | government functions | property rights | political views | production possibilities |


Search Again?

Back to the WEB*pedia


APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope

This isn't me! What am I?

A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living."

-- Nelson Mandela

ACRS
Accelerated Cost Recovery System
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2025 AmosWEB*LLC
Send comments or questions to: WebMaster