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June 17, 2024 

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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 the communism/socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s. Applying the communist/socialist philosophy that private property and market allocation were "bad," central planning relied on extremely detailed plans made by government. These plans would set specific production quotas for individual products, parts, components, and inputs fabricated by all of the factories and farms across the economy. This was a daunting, complex task that required detailed production information for hundreds of thousands of different commodities.

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MONOPSONISTIC COMPETITION: A market structure characterized by a large number of small buyers, that purchase but not identical inputs, relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology. Monopsonistic competition is the somewhat obscure and seldom discussed buying counterpart to an monopolistic competition seller that controls the selling side of a market. Whereas monopolistic competition is most relevant to product markets, monopsonistic competition is most relevant to factor markets.

     See also | factor markets | monopsony | monopolistic competition | monopsony | oligopsony |


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MONOPSONISTIC COMPETITION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: June 17, 2024].


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FALLACY OF PERSONAL ATTACK

The logical fallacy of arguing that something is bad because someone "associated" with the thing is ugly, has a funny nose, drives a foreign car, regularly watches daytime soap operas, or wears outdated clothing. This fallacy of personal attack runs rampant in the political arena. Some politicians promote the notion that only good people propose good policies, while bad people have bad policies. The fact of the matter is that good people propose bad policies and bad people propose good policies.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for small children selling products door-to-door.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

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