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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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SHUTDOWN RULE A rule stating that a firm minimizes economic loss by producing no output in the short run if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is less than average total cost but greater than average variable cost).
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PINK FADFLY
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for telephone calls from former employers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Look at everything as though you were seeing it either for the first or last time. Then your time on earth will be filled with glory." -- Betty Smith, Novelist
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EJ
Economic Journal
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