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February 6, 2025 

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MARKET-ORIENTED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.

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PUBLIC SECTOR: A fancy-schmancy term for government, which for the United States includes all three levels--federal, state, and local. The term public sector is most useful as a contrast to the term private sector, which includes households and businesses.

     See also | government | government sector | private sector | household sector | business sector | three questions of allocation | ownership and control | liberal | conservative | government functions | market failure | fifth rule of imperfection | public choice | normative economics | economic policies | business cycle | public choice |


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INCOME EFFECT

The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for strangers with large satchels of used undergarments.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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