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PLANNED ECONOMY: An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. This is also commonly termed a command economy. A planned economy should be contrasted with a market-oriented economy, or capitalism. One the big spectrum of economy systems, a planned economy lies much closer to the pure command economy extreme than to the pure market economy end. The former Soviet Union and China represent the most noted examples of planned economies.
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 8 of 24
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Topic:
Herfindahl Index
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- Sometimes economists prefer a more sophisticated measure of concentration. That measure is the Herfindahl index.
- The Herfindahl index is a measure of concentration of production or sales activity in an industry that's calculated as the sum of the squares of market shares for each firm.
- One key difference with concentration ratios is that the Herfindahl index squares market shares before adding them together, whereas concentration ratios add the adjusted market shares.
- Like concentration ratios, the Herfindahl index ranges for a low, indicating perfect competition, to a high indicating monopoly.
- The specific range is 0 (perfect competition) to 10,000 (monopoly).
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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"If a man hasn't discovered something that he will die for, he isn't fit to live. " -- Martin Luther King Jr., clergyman
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