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CENTRAL PLANNING: A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under the communism/socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s. Applying the communist/socialist philosophy that private property and market allocation were "bad," central planning relied on extremely detailed plans made by government. These plans would set specific production quotas for individual products, parts, components, and inputs fabricated by all of the factories and farms across the economy. This was a daunting, complex task that required detailed production information for hundreds of thousands of different commodities.
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ELASTICITY ALTERNATIVES, DEMAND Five categories of the price elasticity of demand that reflect the entire range of the relative responsiveness of a change in quantity demanded to a change in price. These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are often illustrated by different demand curves. The price elasticity of supply is also reflected by five comparable alternatives.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Leadership is the art of getting someone else to do something you want done because he wants to do it." -- Dwight Eisenhower, 34th US president
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S&D
Supply and Demand
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