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In reality, the economies of most countries are mixed rather than being pure market or command economies. Explain the reason for this
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- Entrepreneurship is unique among factors of production because itToday’s business world is dynamic, being characterized by the following economic changes that affect decision making except * changes in tastes and preferences of buyers. migration of people. technological progress. making profit.Use what you know about economic base concepts to associate labor sectors with urban economies. Pre industrialization agricultural production Industrial Era Globalized financial service centers Manual to mental labor changes.
- Detailed takeaways from the article " Vertical Integration is Dead, or is it? " by Osegowitsch, Madhok. 2003.According to Richard Sennett's book "The Corrosion of Character:The Personal Consequences of Work in the New Capitalism",discuss how the evolution of capitalism has affected the living conditions of two generations of a family (working condition, character, time perception, network of social relations, family relations) based on the story of Enrico, who established his life in the economic conditions of the 1970s, and his son Rico, who founded his life in the economic conditions of the 2000s.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.”
- Define Subsistence economies of industrial structures?Thomas Malthus presented a dismal forecast for man-kind, largely due to the effects of population growth. Show that immigration, like population growth, tends to create unemployment in the short run and reduce the standard of living of workers in the long run, even though it does enhance the economy’s ability to produce. (Use diagram and analysis)What factors caused American business to develop into a mixed economic system rather than some other type of economic system?
- What happens in the steady state to the capital-labor ratio, output per worker, and consumption per worker when each of the following events occur? You should assume that the steady-state capital-labor ratio is below the Golden Rule level.Which of the following statements is accurate regarding entrepreneurs? Economic changes can be both good and bad for entrepreneurs. The only asset a person needs to be a successful entrepreneur is a willingness to take risks. If a business fails, the government will be responsible for any losses. Entrepreneurs need to have a college degree to start a business.Show how a fall in the matching efficiency technology can effect output, wages, the unemployment and vacancy rates. How could economists differentiate this from a fall in labor productivity if they could view the four above pieces of data over many years? [In other words, how would these two events produce different patterns in the data?]