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VERY LONG RUN: A period of time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change. You should compare very long run with long run and production, short run and production, and market period.

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PURE MARKET ECONOMY: An economy in which markets answer all allocation decisions and answers all three questions of allocation. There is no government. Markets do it all. This is a theoretical ideal or extreme that does not exist in the real world. As a theoretical ideal, though, it does provide a benchmark that can be used for comparison with real world economic systems.

     See also | economy | economic system | market | allocation | three questions of allocation | pure market economy | mixed economy | capitalism | free enterprise | laissez faire | command economy | pure command economy | communism | socialism |


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PURE MARKET ECONOMY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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INDUCED CONSUMPTION

Household consumption expenditures that depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in consumption. Induced consumption captures the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to consume (MPC) and is reflected by the positive slope of consumption line. The alternative to induced consumption is autonomous consumption, which does not depend on income.

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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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