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SOCIALISM: In theory, an economy that is a transition between capitalism and communism. It is based on--(1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production (using the needs standard rather than the contributive standard).
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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Most human beings have an almost infinite capacity for taking things for granted. " -- Aldous Huxley, writer
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GNMA
Government National Mortgage Association
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