The market system/capitalism is the best economic system because it is O Efficient (doesn't waste resources producing things that won't sell) O Flexible (what is produced is easily changed to copy demand) O Upward Social Mobility Due To The Potential To Profit By Hard Work Produces Democratic Government Because of Economic Democracy. O All of These O None of These
Q: Governments use violence, and the threat of violence, to force people to do what they do not want to…
A: The statement is False Government is selected by the people of the country and is the government…
Q: The Chinese government controls all factors of production, the Chinese government has which type of…
A: Let us understand the different market systems in question: A) Capitalism: Under capitalism, the…
Q: Capitalism can fail to improve peoples' standards of living whe- all answer options here are correct…
A: Capitalism is a type of economic system in which factors of productions are owned by owned by…
Q: Human capital refers to society’s understanding of the best ways to produce goods and services.
A: ‘Human capital’ refers to the compilation of ‘skills’, ‘education’ , ‘technical’ & ‘process…
Q: Q.No.4 there are two well-known economic systems prevail in today’s world i.e. Capitalism and…
A: It is never enough to talk about economics, particularly when describing the economic system.…
Q: The Biden administration's "Buy American" agenda proposes to increase the federal government's…
A: In a market, when people makes changes in their decision based on different market condition or…
Q: Laissez Faire The invisible hand metaphor is connected to Smith's belief in a laissez faire economy.…
A: The basic idea of economics is that the resources which the societies, and economies have with…
Q: In advanced technology and capital goods are encouraged. Select one: o a. Market Economic System O…
A: In an economy, technological advancement and capital goods are the drivers of economic growth…
Q: Think of, for example, the police force that protects property rights, market regulators that ensure…
A: Economic freedom, often known as economic liberty, refers to a society's citizens' capacity to…
Q: Question 9 of 10 Which element of a command economy is also used in a mixed economy? O A.…
A: The economy is an economic system in which the choice is made because of scarcity. The choices are…
Q: Which of the following choices is not part of capitalism? O free enterprise O private ownership of…
A: Capitalism is an economic and political system in which the ownership of the private enterprise is…
Q: Marx held that to understand the fundamental relationships of capitalism, one had to look at the…
A: Why one had to look at the sphere of production? As per Karl Marx version of economics, People…
Q: Islam gives complete freedom to economic enterprise with ________ a. None of the options b.…
A: Answer Option 'C' is correct. Islam gives complete freedom to economic enterprise with some…
Q: In a market economy, economic activity is guided by Select one: Oa. the government Ob. prices O c.…
A: Economics: It deals with market study and effects due to which there is a change in the rates of…
Q: Marx claimed that “ society is fundamentally determined by the material conditions or by the…
A: Historical Materialism, which is also known as the materialist conception of history is defined as…
Q: The main differences between free markets( conscious) capitalism and crony capitalism is that: a)…
A: Free market is a marketplace where is buying and selling of goods and services and the price of the…
Q: Adam Smith, how would a market economy accomplish that harmony about which he describes? What is…
A: The market economy is one in which the forces of supply and demand determine market price and…
Q: A leader of the Labour Party in the United Kingdom, Jeremy Corbyn, proposes the creation of a…
A: A proposal of national education service as a universal will be great for those who can't afford the…
Q: Under __________, the means of production are owned by the government. a. Socialist economy b. Mixed…
A: An economic system can be defined as the system by which the available resources, goods, and…
Q: Friedrich Hayek advocated for an economic system based on: O A. sharing the profits from all…
A: Friedrich Hayek was primarily known for his contribution to the field of political psychology and…
Q: regulate production · Each individual works for his own success Pure Communism • Government does not…
A: A centrally planned economy, often known as a command economy, is an economic system in which…
Q: Do you think a free market or a command economy is more likely to encourage productive and…
A: Command economy and free market are two opposite firms of an economy because command economy is the…
Q: Identify the TRUE statement that describes capitalism, command or mixed economies. O a. Scarcity of…
A: There are various types of economic systems with different features. The command economy is an…
Q: by Locke reflect concerns and problems of the 17th century? O Locke's ideas reflected a shift toward…
A: Answer -1 Property is a natural right derived from labor, according to John Locke. He maintains…
Q: The U.S. economic system is: O A command system A command and market mechanisms Based upon religious…
A: Command economy or command system is a economic system where government instead of free market…
Q: Which of the following economic system represents an egalitarian society? O a. Capitalist economy O…
A: Hi, thanks you the question. Since there are multiple questions posted, we will answer first…
Q: Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a…
A: As we know that Economy is that system in society where people earn their livelihood. And engage in…
Q: Which of the following theories was first developed by Karl Marx? O Democratic Theory O Conflict…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: In a market system, provide an example for when government can enhance or harm any of the processes…
A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…
Q: Comment on or explain: a. Endowing everyone with equal income will make for very unequal enjoyment…
A: We only answer up to 3 sub-parts, we will answer the first 3. Please resubmit the question and…
Q: Identify the gaps/flaws of Capitalist and Socialist economic systems.
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…
Q: According to economic theorists, which system should have the greatest degree of control by the…
A: Meaning of Economics: The term economics refers to the situation under which there remain…
Q: What is meant by varieties of capitalism?
A: In general, capitalism refers to the ideology that beleives in free-market system with providing…
Q: Which of the following illustrates property rights? OA. Lower economic opportunities increases…
A: Poperty rights refer to the right to control, use, and enjoy the benefits from goods and services.…
Q: nf the government determines whether you get an apartment, you are most likely living in a In a…
A: There are different kind of the economies where their distributive and allocating functions are…
Q: Why fraud and many illegal things are related to capitalist system?
A: Capitalism is a market system in which there is no or little government intervention. The private…
Q: Which of the following people ultimately determines the product that a free enterprise (Market)…
A: Hello, Thank you for the question. Since there are multiple questions posted here, as per the rule…
Q: Though certainly on the market end of the spectrum, the presence of institutions such as social…
A: Answer (1). Though the economy of the U.S. is on the market end of the spectrum there is also the…
Q: Free markets coordinate economic activity in such a way a unemployment. O True O False
A: In open markets, a financial market can emerge to meet the requirements of those who are unable or…
Q: 4. Which of the following is a more attractive place to do business? a. A nation that lacks…
A: Several internal and external factors can have an impact on business operations, either directly or…
Q: Microeconomics is the study of Select one: O a. how the economy as a whole works O b. how government…
A: The word economics is derived from the Greek word Oikonomia meaning management of the household. It…
Q: Karl Marx offers the most critical view of modern private property and free market institutions.…
A: Karl Marx is a prominent political theorist and economist. His works favour communism and critique…
Q: Consumer sovereignty is more likely to be observed in what type of economic system? A) Both A and B…
A: The theory of consumer sovereignty implies that the buyer knows what's best for himself or herself…
Q: Choose the one that is correct about capitalist economic system. a. Private ownership of factors of…
A: . The main features of capitalism are economic freedom, voluntary exchange, private property rights,…
Step by step
Solved in 2 steps
- QUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.Why are production and competitiveness important in today's economies?The three economic questions that every society must answer are OA. What are the prices of goods, how are they determined, and who will pay for them? OB. What economic system will be used, how will it be implemented, and who will make market decisions? OC. What goods will be produced, how will they be produced, and who will receive the goods? OD. What kind of government will the society have, how will it be run, and who will run it? Centrally planned economies allocate resources based on decisions by while market economies answer these questions through decisions made by
- What are the types of economic systems? How will you differentiate Command from a Market economy?Why do most economies in the world today operate somewhere in between a market economy and a command economy?The "Freshwater" school of economic thought is commonly associated with - a. Richard Thaler b. Milton Friedman c. Hyman Minksy d. Paul Krugman
- QUESTION 1 Choose the most correct answer to the following questions/phrases. Only write down the question number and the letter of your answer. 1.1 economy. (1) 1.1.1 Communism and Socialism are both examples of a A Planned Market C Mixed Open 1.1.2 In a economy various aspects of production are determined by supply and demand. (1) Planned Market Mixed Оpen 1.1.3 An unfair and unethical phenomenon that does not occur in planned economies. (1) Social grants Over-development B. Monopolies Unemployment benefits 1.1.4 In a economy consumer demand is predictable and controllable. (1) A Planned B. Market Mixed Open 1.1.5 The flow of goods, services and knowledge over international borders. (1) Expansion B. Globalisation Free flow D. Customs [5]What is a social economy? Why is it considered to be happening already?What are the circular flows in the capitalist economy? Please draw it and explain at least in four sentences.