Based upon those notions of self-interest and public interest and the bringing of both into harmony, according to Adam Smith, how would a market economy accomplish that harmony about which he describes? What is government's place in that market economy?

Q: _______ What term implies that there shall be no government interference in the economy?a. market…

A: Types of Economies:- 1) Market Economy:- Under market economy, all the decision related to…

Q: Does the economic model or socioeconomic model of social responsibility make more profits? And why?

A: ANS The economic model assumes that society will receive the most benefit when producers are left…

Q: From Adam Smith's Wealth of Nation , What are the three key roles that government should fill in…

A: The father of economics, Adam Smith published his famous book "An Enquiry into the Nature and Causes…

Q: How can government prevent market failure?

A: Market failure is the scenario of inefficiency in the distribution and allocation of goods and…

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: Would it be more profitable for a business to follow the economic model or the socioeconomic model…

A: An economic model is a condensed representation of the truth that helps one to analyze economic…

Q: What are the characteristics of law

A: Law affects and protects the social, political, cultural and economic areas and values of the…

Q: What does Joseph Schumpeter mean by “Creative Destruction”? Please give examples from the period of…

A: "Creative destruction," a term originated in the 1940s by economist Joseph Schumpeter, who…

Q: why market economies usually do a better job than command economies at efficiently transforming…

A: Answer: Introduction: Market economy: it refers to the economy where there is no government…

Q: Why do governments intervene in free-market systems?

A: In a free market system, there is a self-correcting market mechanism and the supply and demand in…

Q: Is “fairness” the economic basis for government laws and regulations designed to remedy market…

A: Market Failure: The market failure is a situation when the price mechanism leads to an inefficient…

Q: In which type of economy does only the government make economic decisions?

A: The economy in which the only government make or take the economics decisions are the  CENTRALLY…

Q: why the lack of well-defined and enforceable property rights is detrimental to the smooth…

A: Property rights is legal ownership and theory of resources telling how the resources can be used.…

Q: What are some examples of a command economy? Market Economy?

A: In a command economy, macroeconomic and political contemplations decide resource allocation. Command…

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: What is market failure, and what kinds of things can lead to market failure?  What is government…

A: Market equilibrium is a situation where the market forces balance and there is efficient allocation…

Q: List the characteristics of the four different types of market structures and give an example of…

A: Answer: Market structure can be divided majorly into four categories, it includes, perfect market,…

Q: Are there any circumstances under which society could exist without law?

A: ANSWER   A Society rarely survives without some formed code of conduct. Thus it cannot exist without…

Q: What is social responsibility? Can the government compel businesses in our country to abide by this…

A: In an economy, when an individual makes decision, his decision will influence the market when people…

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: 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: . _______ What term implies that there shall be no government interference in the economy?a. market…

A: The term Laissez-Faire was originated in France by a group of Physician, who called themselves as…

Q: What are the sources of law?

A: In the United States' legitimate framework, there are four primary sources of law. These are…

Q: why many argue the use of “market” prices will NOT necessarily enable the economy to operate at its…

A: Production frontier: PPF is a bend that delineates or shows the varieties in the sums that can be…

Q: What is your major take away from Thomas Dye’s definition of public policy)?

A: To find : Highlights from thomas dye definition of public policy.

Q: Through economic reasoning, explain the interrelationship with markets and government.

A: There is a general law that determines the market's allocation of resources which reduces the…

Q: Why should design be a part of public policy?  Why do you say so?  Give examples to support your…

A: Public policy is the process that includes laws, rules and regulations, making or setting priorities…

Q: Why is private property, and the protection of property rights, so critical to the success of the…

A: Private property can be legally defined as any resource, asset, or capital the ownership of which is…

Q: Question 4 of 10 A market economy is best described as an economy that: A. gives the government…

A: "An economic system include different systems used by businesses/governments to interact and to…

Q: capitalist

A: On the basis of ownership and functioning an economy can be classified into three, that is the…

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: In planned economic systems, government agencies control both supply and price of the products.…

A: In planned economic systems, government agencies control both supply and price of the products. This…

Q: What are the types of economic systems? How will you differentiate Command from a Market economy?

A: There is scarcity of resources across the world. These scarce resources undergoes through a…

Q: what is the appropriate balance between government and freedom in the American democracy? Do you…

A: A) There is no "appropriate balance" since times change, innovation changes, dangers to the country…

Q: In a market economy, what is the central coordinating mechanism? How does a market economy solve the…

A: Hey, thank you for the questions but according to our policy we answer only one question per…

Q: To what extent are free markets morally justified? In your answer, you may want to be clear about…

A: The markets are a distributive mechanism which would result in the allocation of the goods and…