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FEDERAL RESERVE DISTRICTS: The 12 geographic areas of the United States that form the administrative division of the Federal Reserve System. Each of the 12 Districts is headed by a Federal Reserve District Bank and is generally designated by the Reserve Bank City--Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Federal Reserve Branch Banks are located in 10 of the 12 Districts.

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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 16, 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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