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In reality, the economies of most countries are mixed rather than being pure market or command economies. Explain the reason for this
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- Define economics and describe the two types of economic systems: capitalism and command economy.Why do most economies in the world today operate somewhere in between a market economy and a command economy?Marx and Engels ([1848] 1967) argued that market-based capitalism was the most dynamic force in the world. Originating in Western Europe, this economic system was based on capital accumulation, the spread of markets, and the exploitation of labor. This latter idea was based on the notion that labor is the source of all value in the production process, but labor is only recompensed part of that value, in the form of wages; the rest goes to the owner of the capital as profit Under the capitalist mode of production, profit comes from the exploitation of human labor. Under the capitalist mode of production, profit comes from the exploitation of human labor. However, the accumulation of capital and new technology displaces labor. Joseph A. Schumpeter (1939, 1942, 1991) argued that growth was supply driven by the factors of production, with entrepreneurial innovation the most important of these. He believed in a “raw instinct” that drove entrepreneurs. He saw development as being driven by…
- How do countries deal with the problem of wanting neither a pure market nor a pure command economy?What are the advantages of a market economy as compared to a command economyIn this second module, you are introduced to the laws of supply and demand. This question we are covering six chapters, so there is a myriad of different topics that we could cover, but I believe that if we look at the following question, we can draw in a lot of the different concepts presented in these chapters: In our mixed economic system, who really decides prices? Producers or Consumers? In answering this question, you may want to consider the following issues: Is it necessary for producers and consumers to sit down and discuss price levels? What role do brand names play in prices and your purchasing habits? Does the law of demand always hold true? Why do producers spend so much money on advertising, shaping our tastes and preferences? Are there markets where you see a need for price controls?
- Explain characteristic of following economic system: Free market economyWhich of the following statements about self-interest in a market system is false? In a market system, self-interest motivates workers to get a job with the best wages, benefits, or most satisfaction. Self-interest usually motivates an individual to deliver something of value to others. Self-interest of entrepreneurs implies seeking maximum profits or minimum losses. Self-interest applies only to businesses, not to consumers or the government.Consider the following grading system for a hypothetical economics class: At the end of the semester all the grades for all students are calculated. The instructor then takes one letter grade from the highest scoring students and gives this to the lowest scoring students. This is the grade the instructor submits on the grade sheet to the college registration office. Which economic system is most comparable to the grading system described above? Capitalism Communism Socialism Feudalism
- Explain characteristic of following economic system Free market economy Command economic systemEntrepreneurship is unique among factors of production because itCapitalism has accomplished many different things. While in the past, if you were a member of a lower class and poor, you would have most likely stayed there forever. Thanks to capitalism, those individuals are now able to improve financial situations by creating a business, a product, etc. Capitalism also encourages competition, which means that various areas, such as technology, are always improving in an effort to be better than the other competition. This competition also allows for a lot of innovation. We are constantly being presented with new products or companies that are delving into a market that hasn't yet been explored. However, I don't feel that the future prospects of capitalism will be as beneficial for the general public as they were in the past. It is much harder for smaller companies to stay afloat. It states in the textbook, "Karl Marx (1818–1883) argued that capitalism leads to oligopolies—a con-centration of property and resources, and thus economic power, in the…