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MARKET SUPPLY: The total supply of every seller willing and able to sell a good. Market supply is found by combining the individual supplies of every firm or producer willing and able to sell a particular good. The market supply curve is found by horizontally adding all individual supply curves, that is, sum up the quantities supplied by all sellers at each and every price. Market supply operates according to the law of supply, as illustrated by a upward-sloping market supply curve. For higher prices the quantity supplied by all sellers in the market combined is greater than the quantity supplied for lower prices.
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MARKET-ORIENTED ECONOMY A mixed economy that relies heavily on markets to answer the three questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, the term market-oriented economy is much more descriptive of the structure of the economy. The United States is the primary example of a market-oriented economy.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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PI
Personal Income
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