Give one merit and one demerit of a socialist economy?

Q: What are the four basic economic questions? How are they answered in a capitalist economy?

A: The four basic questions concerning an economy are: (a) What and how much quantity of goods and…

Q: Why should policymakers think about incentives?

A: The incentives refer to the extra income given to the people who had worked for additional hours. In…

Q: How did capitalism change lives for the better? How did it impact lives negatively? In what ways has…

A: Capitalism: It is defined as the economic system in which factors of production, trade, and industry…

Q: How do Adam Smith’s principles of the free market play out in our economy today?

A: Adam Smith is a well-known economists till now as he gave many economic theories and models to help…

Q: Which of the following is not correct about a socialist economic system? a. Absence of Economic…

A: Socialist economic system: Socialist economic system is a type of economic system in which all the…

Q: Compare the pros and cons of two economic systems Communist and Socialism?

A: An economic system, is a method of producing, allocating resources, and distributing commodities and…

Q: the difference between mercantilism, liberalism, and Marxism. How does each view the purpose of…

A: Mercantilism was a trade-related economic policy that mainly existed from the 16th to the 18th…

Q: How did Adam Smith justify the ethics of capitalism?

A: Adam Smith's theories are frequently regarded as the foundation of modern capitalism. He advocated…

Q: What are the two broad meanings of Socialism?

A: 1).any of various economic and political theories advocating collective or governmental ownership…

Q: Use economics to explain why people smoke even though they know smoking is not good to their health?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: QUESTION 40 Which of the following is NOT a characteristic of a capitalist economy?…

A: Capitalist is often conceived of as an economic system in which individual actors own and manage…

Q: Friedrich Hayek advocated for an economic system based on

A: In 1899, in Vienna, Austria, a famous economist was born. Friedrich Hayek is well-known in the…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: How can economic changes affect society?

A: Economic changes can affect the society in various ways: 1. The cost of living has the significant…

Q: What is the main difference between free-market systems and planned systems?

A: A market is a gathering area where people can come together to exchange products and services.…

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: What type of economy is best?

A: There are mainly four types of economic systems: Traditional economic system, command economic…

Q: What are economic issues?

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Why economics is arts group

A: Economics is a social science as well as art which defines human behavior with the motive of…

Q: four

A: The characteristics of economic systems are : Command Economy : the government is in turn control…

Q: Write a positive statement and a normative statement about your favorite hobby.

A: Positive statements are those statements in which we can answer with 'yes' or 'no' replies, whereas,…

Q: What are Traditional Society, Command Economy, Market Economy, and Mixed Economy? Which is best?

A: When a certain good is manufactured, cost  takes place and process of business follow ups. Business…

Q: Karl Marx envisioned a perfect society that would be based on a smoothly running capitalist system…

A: Communist society is a type of societal structure postulated in the Marxist thought that…

Q: What determines the answers to the economic questions under a traditional economy?

A: Traditional economy explain 3 questions which are as:- 1 .what to produce? 2. How to produce? 3. For…

Q: How does the welfare state help stabilise the capitalist system?

A: How does the welfare state help stabilize the capitalist system? Capitalism(private ownership)…

Q: How is capitalism thought to benefit society?

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

Q: What are the pros and cons of traditional economy?

A: ‘Traditional economy’ relies on custom & history. It assumes that all people are ‘rational’.…

Q: What are the features of the socialistic economy?

A: According to the given question In Simple words we can say that a socialist economy is that type of…

Q: Which type of economic system do you support? Why?

A: The mixed economic system, market economic system, and the command economic system are the three…

Q: What would be the solution?

A: TFC = TC at 0 level of Output TC = TVC + TFC AVC = TVC/Output

Q: Which is characteristic of the capitalistic ideology? unselfish individuals centralized…

A: The economic system in which individual actors own and control property in accordance with their…

Q: What is an example of a problem in the world today, not mentioned in the chapter, that has an…

A: The economic dimension deals with all of the event firm and individual event's economic…

Q: How do you think a centrally planned economy versus a market economy would perform under each…

A: Economy is the system where people earn their livelihood. And there are mainly three types of…

Q: Socialism Vs. Capitalism, which economic system do you prefer and why? Give real life examples.

A: Socialism is a social, political, and economic philosophy that encompasses a variety of economic and…

Q: Who owns property in a socialist system?

A: .Socialism is a social and economic theory that advocates public ownership and control of property…

Q: What are the best institutions for achieving economic goals?

A: An institution is a social structure in which people tend to cooperate and also influencing the…

Q: Advantages of market economy

A: A market economy  in which the forces of supply and demand generate price signals that drive…