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PLANNED ECONOMY: An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. This is also commonly termed a command economy. A planned economy should be contrasted with a market-oriented economy, or capitalism. One the big spectrum of economy systems, a planned economy lies much closer to the pure command economy extreme than to the pure market economy end. The former Soviet Union and China represent the most noted examples of planned economies.
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PRICE RATIONING The distribution or allocation of a limited commodity using markets and prices. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses. Markets ration commodities by limiting the purchase only to those buyers willing and able to pay the price.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for celebrities who speak directly to you through your television.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Try first to be a man of value; success will follow. " -- Albert Einstein, physicist
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AFC
Average Fixed Cost
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