Examlex
The following table shows the demand and supply schedules in a particular market. If the government sets a price floor $2 above the equilibrium price, how many units will be sold in this market?
Equitable Distribution
The fair and just allocation of resources among members of a community or economy.
Cultural Revolution
The Cultural Revolution was a sociopolitical movement in China, initiated by Mao Zedong in 1966, aiming to preserve Chinese Communism by purging remnants of capitalist and traditional elements from Chinese society.
Great Leap Forward
A movement led by Mao Zedong in China between 1958 and 1962 aimed at rapidly transforming China into a socialist society through rapid industrialization and collectivization, which unfortunately led to widespread famine.
Central Planning
A system of economy in which all choices about the creation and allocation of goods and services are made by the government or a central body.
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