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May 11, 2021 

AmosWEB means Economics with a Touch of Whimsy!

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PERSONALITY: A consistent pattern of behavior in certain situations. These behavioral tendencies are influenced by both hereditary and environmental factors resulting in individual characteristics. Marketing researchers look for certain personality characteristics that affect patterns of consumer buying behavior.

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PURE MARKET ECONOMY:

An economy, or economic system, that relies exclusively on markets to allocate resources and to answer all three questions of allocation. This theoretical ideal has no governments, markets are used to make all allocation decisions. Then contrasting theoretical ideal is a pure command economy in which governments make all allocation decisions.
Economic Systems
Economic Systems
A pure market economy is a theoretical extreme on the spectrum of economic systems that does not actually exist in the real world. It does, however, provide a benchmark that can be used for comparison with real world economic systems.

In pure market economies, markets are used by buyers and sellers to voluntarily exchange goods, services, and resources. Buyers seek to pay the lowest prices. Sellers seek to receive the highest prices. Resources are allocated to the production of the goods with the highest prices and greatest satisfaction of wants and needs.

The real world embodiment of a pure market economy is termed a market-oriented economy or capitalism. The market-oriented economy of the United States is the primary example.

While, in theory, resource allocation could be undertaken exclusively through markets or governments, in the real world, all economies rely on a mix of both markets and governments for allocation decisions, what is termed a mixed economy.

<= PURE COMMAND ECONOMY


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PURE MARKET ECONOMY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 11, 2021].


Check Out These Related Terms...

     | pure command economy | command economy | capitalism | socialism | communism | market socialism | market-oriented economy |


Or For A Little Background...

     | mixed economy | economic system | private sector | free enterprise | laissez faire | invisible hand |


And For Further Study...

     | three questions of allocation | distribution standards | government functions | property rights | political views | production possibilities |


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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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