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COMMAND ECONOMY: An economy in which the government uses its coercive powers (such as command and control) to answer the three questions of allocation. This is the real world version of the idealized theoretical pure command economy. While in this real world version some allocation decisions are undertaken by markets, the vast majority are made through central planning. The two most notable command economies of the 20th century were the communist/socialist economic systems of China and the Soviet Union.
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BANK PANIC An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for a thesaurus filled with typos.
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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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"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. " -- Harold S. Green, MCI founder
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NYMEX
New York Mercantile Exchange
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