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A: * ANSWER :- (2) Based on the above information the answer is provided as below.
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A: Opportunity cost refers to decrease in production of one good needed to produce more of other good.
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A: "Since you have asked multiple questions ,we will solve first question for you.If you want specific…
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A: The difference between Capitalism and Communism can be explained as follows:
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Explain how Marx's principle may or may not apply to today:
- capitalism survives by exploiting the workers
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- In The Wealth of Nations (1776), Adam Smith wrote, “The most decisive mark of the prosperity of any country is the increase in the number of its inhabitants.” How would Smith’s view have to be revised today? How would you explain the change to Smith?Please help. Explain each Theory of mercantilism Adam Smith’s Laissez-Faire Theory Karx Marx’s theory of socialism Theory of socio-economic development by Joseph Schumpeter newspapers or magazines to able to search for government programs for the development of MSMEs4. As capitalism emerged why, from the perspective of the capitalist, were the inherited forms of the labour process severely deficient?
- The following are Invention in the Third Industrial Revolution, except (Choose 2) a. Photography b. Internet c. Computers d. Telephones e. Digital TVMarx held that to understand the fundamental relationships of capitalism, one had to look at the sphere of production rather than the sphere of exchange. Why?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…
- Explain why Max Weber has a strong belief that the strong protestant work ethic is the key to the development of capitalism. How did Peter Drucker perceive the presence of innovation and entrepreneurship?Smith and Marx have schematized the phases of development in the course of history. Discuss why they did this, while Ricardo concentrated on the problems of capitalism of his day.Which is the correct interpretation of the Invisible Hand? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth. (B) People are less likely to trade with foreigners, since they know more about the domestic market. (C) Capitalism and the free market lead to maximum prosperity for society. (D) The gap between a worker’s labour value and the capitalist’s profit begets alien ation of labour
- Use three examples to argue that the desire for economic opportunity motivated people more to settle in the American colonies.What does this mean? “Capitalism is the supreme expression of human creativity and freedom, an economy of mind overcoming the constraints of material power. It is dynamic, a force that pushes human enterprise down spirals of declining costs and greater abundance. The cost of capturing technology is mastery of the underlying science. The means of production of entrepreneurs are not land, labor, or capital but minds and hearts.”In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why is it that an entrepreneur with seemingly selfish motives can create benefits for the larger society? Why is this a benefit that arises from capitalism and not from other economic systems?
