|
|
MARKET-ORIENTED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.
Visit the GLOSS*arama
|
|
|
|
                           ECONOMY: The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. An economy can be simple, such as that illustrated by the hilarious antics of the hapless passengers and crew of the U.S.S. Minnow on the highly popular economic documentary, Gilligan's Island. Or it can be exceedingly complex, such as the modern U.S. economy with millions of workers, thousands of corporations, and trillions of dollars worth of capital that are used to produce trillions of dollars worth of goods and services for millions of people.Production and ConsumptionThe essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Production involves the transformation of labor, capital, land, and entrepreneurship into more valuable goods and services. Consumption is then the use of these goods and services to satisfy the wants and needs of people.Markets and GovernmentVirtually all economies accomplish this production-consumption task through a combination of decisions made through voluntary market exchanges and involuntary government laws, rules, and regulations. Capitalism is the term used for those economies relying predominately on markets, while communism and socialism are the names for economies coming down more heavily on the side of government decision making.
Recommended Citation:ECONOMY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 8, 2024].
Check Out These Related Terms... | | | | | | |
Or For A Little Background... | | | | | | | | | | |
And For Further Study... | | | | | | | | | | | | | | | |
Related Websites (Will Open in New Window)... | |
Search Again?
Back to the WEB*pedia
|
|
|
RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
Your Complete Scope
This isn't me! What am I?
|
|
|
The word "fiscal" is derived from a Latin word meaning "moneybag."
|
|
|
"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
|
|
CA
Capital Account
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
