Explain briefly why the people and firms operating within a command economy would in all cases be less free than the people and firms operating within a capitalist economy.
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Explain briefly why the people and firms operating within a command economy would in all cases be less free than the people and firms operating within a capitalist economy.
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- According to Smith, when private individuals are left free to seek their own interests in free markets, they will inevitably be led to further the public welfare by an “invisible hand.” True FalseDescribe three different kinds of economic systems.Briefly compare state-guided and entrepreneurial capitalism.
- what are the three institution of government that protect individuals right in a market economy, explain their functionsAccording to the invisible hand concept, the best way for a society to encourage the creation of jobs and the production of the products most wanted by consumers would be to: A) Permit government owned industries, such as telecommunications, transportation, and energy, and operate these firms as nonprofit organizations. B) Allow private ownership of businesses, but make use of extensive regulation to force businesses to behave in a socially desirable way. C) Allow entrepreneurs personal freedom to follow their own self-interest. D) Impose high taxes on individuals, and use the revenue to subsidize businesses to encourage them to produce the maximum rate of output.Demonstrate a willingness to critically assess the impact of economic policies on economic efficiency within the confines of a market system
- Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a different economic system, and hire an economist from a rich, market economy nation to advise them. The economist recommends a switch to a market economy. What will the economist suggest the leaders order their citizens to do?in your own words, discuss the operation of capitalism.Karl Marx offers the most critical view of modern private property and free market institutions. Marx claims that free-market capitalism necessarily produces: Extremes of inefficiencyExtremes of efficiencyExtremes of equality Extremes of inequality
- 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? What about incentives as opposed to free offerings? What about trade?Within a laissez faire system, the government should only perform those activities that the private sector of the economy is incapable of? What kinds of activities do you think the government ought to legitimately perform in a laissez faire system?Compare and contrast the various types of economic systems
