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U.S. TREASURY SECURITY: A financial instrument or legal claim used by the federal government to borrow money. Treasury securities are issued by the U.S. Treasury to cover the federal government's budget deficit. They are classified as either Treasury bills, Treasury notes, or Treasury bonds.

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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.

     See also | government | command and control | three questions of allocation | pure command economy | central planning | mixed economy | socialism | communism | capitalism |


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COMMAND ECONOMY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 23, 2024].


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PRICE TAKER

A buyer or seller that has no market control and is not able to affect the price of a good. It must "take" or accept the going market price. The market structure that exemplifies price taker is perfect competition. In fact, perfect competition is the only example of price taker. This is one of two alternatives related to control over price. The other is price maker. Price taker is also termed price seeker.

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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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