Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions i.e. What is to be produced? How is to be produced? And for whom to be produced? Explain with reason

Q: Which of the following is an advantage of capitalist economy? a. Maximization of welfare b. Absence…

A: In a capitalist economy, the property and goods are owned and contolled by private individuals. The…

Q: Explain characteristic of following  economic system: Free market economy

A: Meaning of Free Market Economy: The term free-market economy is the situation under which there…

Q: Which of the following concepts is NOT a basic assumption of economics? a. scarcity b. demand for…

A: Economics is a vast area of study that deals with various agendas, models, theories, rationales, and…

Q: a) Briefly explain how is the ‘Islamic man’ different from the ‘economic man’? b) Describe whether…

A: Resources are scarce in all types of economies. Thus, every economic system seeks to utilize these…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: The various combination of the goods that can be produced in an economy certain when the available…

Q: What are the circular flows in the capitalist economy? Please draw it and explain at least in four…

A: Capitalist economy: It is alluded to as the monetary framework where the variables of creation, for…

Q: Which Characteristics of economy system are the most important to a capitalist economy

A: Capitalism is the most noticeable in our present worldwide financial framework. Its principal…

Q: Label each of the following statements as positive or normative: v The power of population is so…

A: Positive statements are based on facts, actual data, and these statements can be checked whether it…

Q: According to Adam Smith, the butcher, the baker, and the brewer do what they do because of…

A: Adam Smith economic theory: Adam Smith is a philosopher who has given a theory that market tends to…

Q: What is the economic thought of: Ancient Greece Islamic Thinkers Scholastics

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why…

A: In this ,the entrepreneurs are the self interested individuals who are interested in making certain…

Q: If someone was to conduct a study in the field of microeconomics, which of the following questions…

A: Economics is a social science that studies people's decision-making processes when faced with many…

Q: Factors of production are normative are studied primarily in represent the classification of…

A: Factors of production are the economic resources that are used to produce goods and services in an…

Q: Capitalist economies have these features, except __________. a. Profit motive b. Consumer's freedom…

A: Economic system majorly categorized as market economy and command economy. Market economy is belief…

Q: Microeconomic theory studies how a free-enterprise economy determines (a) the price of goods, (b)…

A: Microeconomics is the branch of Economics which studies the behavior of individuals, households and…

Q: Provide an explanation an economist might give showing why each statement is true: - Entrepreneurs…

A: Meaning of Managerial Economics: The term managerial economics is all about management under…

Q: According to the economic theory known as mercantilism

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: The challenge of how to achieve the highest possible satisfaction of needs using scarce resources is…

A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the…

Q: A traditional economic system which is simply explained as “producers consumers relationship” is…

A: The economics as a study is based upon the idea that the economies, or the societies around the…

Q: Which of the following is NOT characteristic of a capitalist economy? Group of answer choices…

A: The activities that are related to production, sale, consumption and exchange of resources between…

Q: Explain three different kinds of economic systems. Explain the Law of Diminishing Returns and…

A: Question 1) An economic system refers to the set of rules and regulation or a mechanism which is…

Q: Categorize each of the following statements as being the result of either positive      economic…

A: In economic analysis, normative economic statements are the judgemental statements that can or…

Q: Wealth is a means for obtaining material gains in human life. Wealth is of no meaning if it cannot…

A: The economics is studied due to problem of scarcity of resources. The desires of the people are…

Q: The following key concepts under the philosophy of production in Islamic economics are true EXCEPT,…

A: Production is an action to deal with natural substances into completed merchandise. To deal with raw…

Q: It is clear that productive inefficiency is a waste since resources are being used in a way that…

A: Productive inefficiency means that the same output can be produced at a lower cost of production. It…

Q: Which of the following statements does NOT illustrate normative economic thought? a. Monopolies…

A: In society, people have to choose because of limited resources and unlimited wants. Economics study…

Q: Economic is a social science that is considered a precise art.

A: The study of societies and the relationships among persons within those communities is referred to…

Q: Which of the following assertions is NOT a basic economic assumption? a. People act rationally. b.…

A: Economics is all about assumptions, it is related to production, distribution, scarcity, consumption…

Q: characteristics of a goal location of microeconomics business concept

A: Microeconomics: Microeconomics is a part of financial matters that review people and firms' conduct…

Q: The question of for whom to produce focuses on how an economy's input is distributed among members…

A: Economic is the study of the management of scarce resources to fulfill the unlimited wants of…

Q: What is the Importance of Micro-economics. Or Write a short note on the importance of micro…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: What is the essence of studying the various fundamental laws and theories of learning? Explain.

A: Learning is the process of acquiring skills, knowledge, attributes, and values.

Q: The input factors of production include Land, Labor, Capital, Technology, and Entrepreneurial…

A:

Q: Islamic economics must show its establishment as a FIELD of economics and economics. Islamic…

A: Answer A. The differences between Economics and An Economic System are : S.NO. ECONOMICS AN…

Q: Which of the following statements are examples of positive economic analysis? Which are examples of…

A: Positive analysis is objective, renders itself to empirical validation and answers "What is".…

Q: Why is economics is deeply rooted in the concept of scarcity?

A: Professor Lionel Robinson is a person who give importance to scarcity in economics.

Q: Which of the following is not characteristic of capitalist thought?a. Private individuals have a…

A: Capitalist economy: - it is that economic system where the price, quantity, and types of goods and…

Q: Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective?

A: Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective?…

Q: The boundary between the combinations of goods and services that can be produced and the…

A: Economics is a discipline that includes all the components present in the economy and has some of…

Q: Polanyi criticised formal definition of economics, a)because it only takes into account capitalist…

A: Polanyi believes in historical economics.

Q: Describe how Microeconomics evolved since 1930.

A: Microeconomics is the study of individual behavior regarding the allocation of resources in the…

Q: According to our textbook, “Business firms are often the best way to organize our limited resources…

A: The Utility theory (Consumer Choice) helps in making fundamental products less expensive than…

Q: Below is the microeconomics statement condition. Identity the type of economic system…

A: An Economic system is a network of organisations used by a society to resolve the basic problems of…

Q: What is meant by micro economics?

A: People consume goods and services to satisfy human wants. People have to choose because resources…

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,…