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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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NATURAL SELECTION: The notion that firms best suited to the economic environment on the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The notion of natural section suggests that even if firms do NOT actively, consciously pursue the profit-maximization goal, assuming they do is not necessarily unreasonable. Those firms that approximate the goal of profit-maximization, whether intentionally or accidently, are the ones most likely to survive and remain in business. See also | profit maximization | assumption | firm objectives | Recommended Citation:NATURAL SELECTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 19, 2024]. AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: natural selection
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COMPLEMENT-IN-CONSUMPTION One of two (or more) goods that provide satisfaction of a want or need when consumed together. A complement-in-consumption is one of two alternatives falling within the other prices determinant of demand. The other is a substitute-in-consumption. An increase in the price of one complement good causes a decrease in demand for the other. A complement-in-consumption has a negative cross elasticity of demand.
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RED AGGRESSERINE [What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for rusty deck screws. Your Complete Scope
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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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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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ES Singapore Stock Exchange
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