Q: Explain the concept of economic development and give the examples
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: Which of the following is not an example of economic development? A. Improvement of human…
A: Economic Development : The Economic development can be defined as the quantitative as well as the…
Q: What has surprised you most about the measurement of economic development?
A: Economists and statisticians employ a variety of ways to track economic progress. The most…
Q: How does the economy grow up without development? – Explain.
A: Economic and social development is the process by which a nation, region, local community, or…
Q: Explain three polices that facilitate economic growth?
A: Economic growth refers to an increase in the market value of goods and services over a period of…
Q: What is the true meaning of Economic Development? How can it influence productivity in a country?…
A: True meaning of Economic Development Economic and social growth is the mechanism by which a…
Q: explain the Lewis Theory of Economic Development comprehensively
A: Through maintaining and increasing the main workers of the area, industrial growth tends to shield…
Q: What do you think is the importance of innovation in the economic development of a country?
A: The nations around the world tend to operate with the motive of increasing their economic, and…
Q: Give the point of view of Joseph Schumpeter on economic development. Explain the pros and cons.
A: The policies and actions that are being implemented for bringing improvement in quality and…
Q: write about Arthur Lewis's dual-sector model of development, and how this model sheds light on the…
A: Quantity of enterprise depends on certain factors that are important for enterprise. It would…
Q: why economic development is important in the study of business management?
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…
Q: As a developing country India, write a short report on the sources and causes of long-run economic…
A: 'Economic growth' is described as a rise in the manufacturing of services and goods compare from 1…
Q: Which of the following is not a drawback for transitioning economies? Select one: a. Command…
A: A transition economy is defined as the economy which is evolving from a centrally planned economy to…
Q: What is the relationship between innovation and economic development? Discuss micro and macro…
A: The economic concepts are somewhere related when it comes to the innovation and economic…
Q: Give the point of view of John Stuart Mill on economic development. Explain the pros and cons.
A: The actions and policies being implemented for bringing improvement in well-being and quality of the…
Q: EXPLAIN the process (or model) of development that China followed. Include examples of other…
A: The development model of China is an alternative to the free market-based approach of the Western…
Q: Name at least three sources of economic development and explain completely that how they lead to…
A: Sources of economic development refers to key agents which leads to increase in development of an…
Q: How is Schumpeter Theory of Economic Development promote businesses to perform better? discuss
A: Schumpeter’s theory of development assigns huge role to the business and innovations introduced by…
Q: Today’s business world is dynamic, being characterized by the following economic changes that affect…
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: What are economic institutions, and how do they shape problems of underdevelopment and prospects for…
A: The production, distribution, exchange, and consumption of products and services are all organised…
Q: Explain the topic Theory of socio-economic development by Joseph Schumpeter
A: The socio-economic factors are the employment, income, gross domestic product, literacy rate and…
Q: How economic development influence the productivity in a certain country? What is a growing economy…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Production and Growth
A: Economic development can be defined both in qualitative and quantitive terms. development depends…
Q: Modernizing values of developed nations, many societies in developing countries suffer from serious…
A: ECONOMIC development means the overall growth of people . As a result, development must be viewed as…
Q: Ving is true about the economic development of an institutional environr onomies that are not highly…
A: The statement which is true about the economic development of an institutional environment is :…
Q: Why is a strictly economic definition of development inadequate? What do you understand economic…
A: The Economic Growth says that the more the actual GDP is production or more. Economic growth is…
Q: What are the phases of economic development? Why is it important to understand the specific steps…
A: Economic development is a series of incremental improvements. The business climate of a country…
Q: As we talk about development economics, it is concerned with _____. a. efficient allocation of…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: correlation between culture and development
A: Culture is a way of life practised as a daily routine.
Q: Why people are the real products of economic development?
A: Economic development involves the rise in real per capita output and income. Its central point is to…
Q: discuss the types of economic systems which exist and provide examples of countries where the…
A: A system for coordinating and distributing resources, services, and goods throughout a region or…
Q: Describe the Lewis Theory of Economic Development comprehensively?
A: ED {Economic development} is a comprehensive concept and it implies progressive changes in the…
Q: Microeconomic development planning explain
A: Generally, economic planning has always been associated with macroeconomics and planning at the…
Q: Thomas Malthus was an economist who contributed to the theory of growth. A. socialist B. new growth…
A: Thomas Robert Malthus was a scholar and economist who has contributed to the fields of demography…
Q: Needs and objectives for sustainable economic growth?
A: Economic growth is defined as the increase in the production of the economic goods and services in a…
Q: What is economic transition? As an example consider the current challenges facing Russia in terms of…
A: A centrally planned economy is a type of economic system in which all decisions regarding the…
Q: Is economic growth possible without economic development? Economic development without economic…
A:
Q: TRUE OR FALSE (include explanation) • Economic growth means economic development
A: Economic growth and Economic development are two different indicators and should not be confused…
Q: Why is economics central to an understanding of the problems of development?
A: Economics brings the significant changes to the structure of the economy, its institutions such as…
Q: Political economists have offered a range of explanations of economic and human development. These…
A: A developed nation, also known as an industrialized country, has a sophisticated and mature economy,…
Q: Explain the impact of entrepreneurship in economic development.
A: ENTREPRENEURSHIP Entrepreneurship refers to a process of setting up an enterprise i.e. business by…
Q: Using the Venn Diagram, compare and contrast the stages of Economic Development by Renee O’Farrel…
A: During an organisation's growth, even the most well-intentioned firms have times of upheaval. In…
Q: Explain why the three goals (economic growth, low unemployment, and low inflation) of macroeconomics…
A: Answer - Economic growth - Economic growth is one of the major goal of governments of different…
Q: Why is a strictly economic definition of development inadequate? What do you understand economic…
A: Traditionally, GDP is used to determine the development of the economy. However, it does not reflect…
Q: Why is economics central to an understanding of the problems of development?
A: The development of an economy is based on the development of the infrastructure, the industries and…
Give the point of view of Marx and Engels on economic development. Explain the pros and cons.
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b8aa816-8770-4596-a86b-2309ba25a4d7%2Ffa1a8e2a-7680-477d-84f3-9e874d4e6911%2Fh6a3loc_processed.jpeg&w=3840&q=75)
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- Marx claimed that “ society is fundamentally determined by the material conditions or by the relationships which people have with each other with respect to production. Discuss how he supported this claim vis- a - vis the different stages in the evolution of economic systemsMarx 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…One of the famous Utopian Socialists, Robert Owen, disagreed with Adam Smith that self-interest would bring harmony of interest. Explain his viewpoint on the relationship between human character and their surrounding environment and the social revolution that he introduced in his New Lanark Mills in order to prove his theory. Explain in brief why Marxian Socialism dismissed the moderate approach used by Utopian and Christian Socialism to eradicate the worst aspect of Capitalism
- Q.No.4 there are two well-known economic systems prevail in today’s world i.e. Capitalism and Socialism. What is the difference Islamic economic system may have with these two systems followed by economies in today’s world? How Islamic economic system may be better than these existing and prevailing systems? Note: This is related to the islamic bankingIn 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?how different economic systems and different social norms can create very different business and social incentives. Note that there are a lot of different things to consider here, but just as an example, just consider how an economic system characterized by respect for property would have a fundamentally different incentives for production and trade than one which automatically assumes that all resources are common property.
- Describe some of the basic components of the evolution of capitalism? According to Investopedia (2017), capitalism grew fromEuropean feudalism in which workers were controlled by feudallords. The system was mainly agricultural in nature, and aseconomies became more urbanized, child labor and long workinghours were common. Mercantilism and colonialism expandedtrade among countries, with periods characterized by wars,nationalism, exploration, and exploitation.Henri See (1928) also believed that capitalism was part of aneconomic revolution in Europe, which first appeared in the formof commercial and financial capitalism. The capitalistic businesses,which manifested themselves in the nineteenth century, wentthrough some transformation with labor businesses and relationsbetween employer and employee.Historically, capitalism was seen as an exploitation of laborin the wealth-creation process and in the reproduction of socialrelations. According to Shaikh (1990), the manner in whichsociety…Give written answer with explanation and conclusion 1. What type of economic systems exist in Germnay? (i.e., capitalist, planned economy, etc..) which are more attractive for Korchmar?TRISTAN WALKER is the founder of Walker & Company, which makes health and beauty products for people of color, and Code 2040, which fosters and supports minority engineering and tech talent. A former executive from Twitter and Foursquare, Walker pitched multiple ambitious, high-tech ideas to the venture capitalists at Andreessen Horowitz before discovering a relatively low-tech business that was in front of him all along: the Bevel line of shaving products. On asked about the best advice he ever received he mentioned: Actor and producer Tyler Perry said he realized his potential as an entrepreneur after he figured out that the trials you go through and the blessings you receive in life are the exact same things. The trials you go through are blessings in disguise. It has given me a lot of peace. About his opinions on difficult lessons he learnt on job he said: The importance of authenticity. After leaving Foursquare, I spent seven months as an…
- please help me out please Economic Systems Essay Compare and contrast the ways in which traditional, market, and command economies answer the three major economic questions. Your essay should be structured around the three economic questions, and explain how each system answers those questions. Structure: 1. Introduction. 2. What to produce? 3. How to produce? 4. For whom to produce? 5. Conclusion. In each paragraph talk about how the economic systems answer the questions. You can create exmples to make your point.According to Marx, which of the following is true? O capitalism causes one social class to conflict with the other. O economic evolution is the result of a superstructure determined by the Proletariat. rolestial O the state becomes a means through which the political class confiscate the wealth of the social class. O the forces of production will eventually block the relations of productions.a) Briefly explain how is the ‘Islamic man’ different from the ‘economic man’? b) Describe whether profit maximization acceptable as the objective of production in Islamic economics? Give an example to support your argument.