2) Which of these characteristics should economies follow and why? Include three of the characteristics and two of the government interventions in our economy. l Economic Freedom l Competition l Equal Opportunity l Binding Contracts l Profit Motive l Property Rights l Limited Government
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2) Which of these characteristics should economies follow and why? Include three of the characteristics and two of the government interventions in our economy.
l Economic Freedom
l Competition
l Equal Opportunity
l Binding Contracts
l Profit Motive
l Property Rights
l Limited Government
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- 2) Which of the these characteristics should economies follow and why? Include three of the characteristics and the two of the government interventions in our economy. Economic Freedom Competition Equal Opportunity Binding Contracts Profit Motive Property Rights Limited GovernmentA.)Why Is the private ownership of resources such an important characteristic of a capitalist economic system?How do different economic actors (consumers, workers, businesses exercise “Freedom of Choice”? B.)How do different economic actors pursue self-interest?What are the main characteristics of a perfectly competitive market?2. Compare and Contrast. Identify two modes of doing the same thing where one involves a more technologically advanced method. Example would be snail mail vs. e-mail. List down as many examples. Brainstorm with a partner if a less technologically sophisticated mechanism can actually turn out to be better in terms of reaching for the good life. Is the more technologically advanced always better?
- 1. Discuss the principles of individual decision making with examples Q.2. Explain with your own words the determinants of price elasticity of demand. Q.3. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples. Q.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.1.What best explains the “Rise of the West†that is, the economic, political andmilitary ascendancy of Western Europe and its offshoots (United States etc) inthe world economy after 1800? Discuss.2.“The Industrial Revolution that began around 1800 has been the biggest andfastest transformation of production in the entire history of the world.†Discuss.3.“The roots of both modern global economic prosperity and poverty (the soÂcalledGreat Divergence) are in the Industrial Revolution that began in the late 18thcentury.†Discuss.4.“The rise of the industrial economies based on technological progress and theIndustrial Revolution since 1800 is the central event of modern history. Nothingelse even comes close. This has affected the world in this period more than allother social and political changes taken together.†Discuss.5.Have the economic and…-Any government intervention in the market.-Individiuals in free markets pursue their own interest.-If all economic agents are free,the market can allocate the resources efficiently in an automatical way. Is that a command economy or free market economy? a)free market b)command
- 1. Why might government be less capable than the market to do good? 2. The text makes it look as if maximizing output is the goal of society. a. Is maximizing output the goal of society? b. If the country is a Christian country, should it be? c. If not, what should it be? (Religious) 3. It has been said that “capitalism robs us of our sexuality and sells it back to us.” a. Does sex sell? b. Is sex used to sell goods from Land Rovers to tissue paper? c. Who, if anyone, is exploited in the use of sex to sell commodities? d. Are both men and women exploited in the same ways? (Feminist) 4. Thorstein Veblen wrote that vested interests are those seeking “something for nothing.” In chapter 2, you learned how technology shapes the economy’s production possibilities over time so that a country becomes increasingly good at producing a subset of goods. a. In what ways have vested interests used their influence to bias the U.S. economy toward the production of military goods at the expense…1. What is a social enterprise? 2. Why is it considered as an alternative platform that can alleviate the plight of the poor? 3. What is a social economy? Why is it considered to be happening already? 4. What is the third and fourth socio-economic systems? 5. What is a neo-liberal agenda that will advance the public sector?a.Discusses the principles of individual decision making with examples b.Explain with your own words the determinants of price elasticity of demand. c. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples, d. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view. ReplyForward
- 16. A universal assumption in economic theories is that a) people are motivated by self-interest b) what is true for one person must be true for everyone c) whatever goes up must come down d) as price increase, quantity demanded decreasesLet’s put dollar amounts on the flows in the circular flow diagram of Figure a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest, how much are households paid for providing entrepreneurial ability? b. If households spend $55 billion on goods and $45 billion on services, how much in revenues do businesses receive in the product market?1. What are the characteristics of a good theory? What makes a theory practical? How can an entrepreneur use the resource-based theory for his or her advantage? 2. Explain the problems we would have if there was a “law of entrepreneurship.” 3. How does each of the four attributes of resources contribute to SCA?