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MARKET EFFICIENCY: The notion that a competitive market automatically achieves an efficient allocation of resources by equating demand price with supply price and quantity demanded with quantity supplied. Market efficiency relies on the self-correction process that eliminates shortages or surpluses. It also presumes that the market is competitive and is not subject to assorted market failures.
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Lesson 2: Economic Science | Unit 5: Cause and Effect
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Page: 18 of 20
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- Suppose we suspect an apparent correlation between jogging shoe sales and advertising expenditures. Does advertising cause greater shoe production and sales.
Series of events:- Shoe companies increase advertising,
- Buyers realize that they want or need more shoes,
- Buyers buy more jogging shoes,
- Stores sell shoes and order more,
- Manufactures respond by making more jogging shoes,
- Jogging shoe sales and production are greater.
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CENTRAL PLANNING A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under communism and socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for crowded shopping malls.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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