One can argue for free markets in two ways. One is to say that free markets are efficient. What is the other one?

Q: What is economic justice and should there be a Hippocratic Oath for economists?

A: GIVEN DATA Views on economic justice and whether should be there  Hippocratic oath for economists

Q: According to Adam Smith, the "invisible hand" refers to the government's effort to always keep a…

A: Adam Smith was an economist who is well known for his book wealth of nation, invisible hand.

Q: Why is immigration central to what a free market means?

A: Free market is a place where firms and households are allowed to make buying and supplying decision…

Q: In common parlance, we say that economics is everywhere. Comment

A: Economics is that the investigation of how people choose choices notwithstanding shortage. These are…

Q: What are the types of market failures in an economy? and gave two examples of each.

A: Market failure occurs when the price system in the economy fails to factor in all the economic…

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: Why do we have markets, and according to economists, what role should government play in them?

A: Market is a place where the goods and services produced by the companies are exchanged in return of…

Q: Why government doesn't intervene in a free market

A: There can be different types of markets in an economy or in different economies according to which…

Q: How is the father of economics

A: Economics is a study of social science which allocates the limited resources to the unlimited wants…

Q: If economic laws are applicable in real world?

A: Economics is based on the activities of real life. It analyses the economic activities and then…

Q: Can you think of any examples of free goods, thatis, goods or services that are not scarce?

A: Goods and services are produced in the economy. These goods are manufactured and sold to public as…

Q: John Maynard Keynes

A: John Maynard Keynes is the father of Keynesian economics. He gave the short-run mechanism of…

Q: Please give two advantages of a free market economy

A: Free market is the one where government does not make market decisions as the demand and supply of…

Q: Give your opinion, which type of market is best to exist and why?

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: what is economics

A: Answer to the question is as follows :

Q: A leader of the Labour Party in the United Kingdom, Jeremy Corbyn, proposes the creation of a…

A: A proposal of national education service as a universal will be great for those who can't afford the…

Q: You and other college students are deciding whether to major in music or engineering. You learn that…

A: Please find the answer below.   EQUILIBRIUM: Market equilibrium and economic equilibrium are two…

Q: He described economics as a science of material welfare A. Robbins B. Marshall C. Ricardo D. Keynes

A: According to the given question In simple words economic as a science of the material welfare…

Q: List the characteristics of the four different types of market structures and give an example of…

A: Answer: Market structure can be divided majorly into four categories, it includes, perfect market,…

Q: How shortage and surplus affect the economy?

A: The market equilibrium is a situation in an market, where at a particular price the quantities…

Q: Of the statements below only ONE is not a characteristic of a market economy (as stated in the…

A: An economic system is a way for governments or communities to distribute and organise resources,…

Q: Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a…

A: As we know that Economy is that system in society where people earn their livelihood. And engage in…

Q: To what extent are free markets morally justified? In your answer, you may want to be clear about…

A: Argument in support of free market  A free market is an economic system in which the prices of goods…

Q: What are the economic markets

A: There are many economic market structures which are differentiated by ts characteristics. All…

Q: What kinds of inequalities we are facing in "free market" according to Milton Friedman?

A: Free market also known as capitalism where economic decision is taken by the market forces with…

Q: Why does Chang (2011) argue that there is no such thing as a free market? Why is immigration central…

A: Free market refers to a system where the buyers and sellers interact with each other to decide the…

Q: two economists went to the same university disagree on policies such as minimum wages or higher…

A: Minimum wages:- Favorable opinion:- The minimum wage rate policy gives incentive to labour thus…

Q: What is the incentive for producers to produce in a free market? Why is it so important?

A: INCENTIVES/MOTIVATION   What are incentives/motivating forces?  A motivating force is a desire for…

Q: How does a market failure cannot deliver theoretical benefits and what are its effects on the…

A: Market failure is a balance designation of assets that isn't Pareto Optimal - the likely reasons for…

Q: Why is the study of economics important to democracy and why is it important for society to have an…

A: ExplanationEconomics is a subject that deals with the relationship between individuals who are…

Q: Explain the difference between a free good and an economic good.

A: In economics, goods are products that meet human desires and give utility, such as a gratifying…

Q: Question 4 of 10 A market economy is best described as an economy that: A. gives the government…

A: "An economic system include different systems used by businesses/governments to interact and to…

Q: Why are no economies truly free, in the sense of having no controls or restrictions?

A: Economies cannot be set totally free because of negative economic experience that has been observed…

Q: Explain the term free-market economy.

A: There are three types of economies: Free market economy Command economy Mixed economy

Q: How do prices communicate to economic actors?

A: According to prices economic actors behave. For example with less price economic actor demand…

Q: hat are examples of free-market economies?

A: Below are the three types of economies:1. Free market economy2. Command economy3. Mixed economy In…

Q: What are the advantages of a free market economy?

A: A free market is a type of market economy where prices for all goods and services are regulated in…

Q: what is market free economy? and discussion on free market economy advantages and disadvantages ?

A: An economic system refers to the means by which a particular government/society organizes and…

Q: According to John Rawls, the welfare of society only depends on the welfare of the  ------------…

A: When talking about the theory of John Rawls on the social welfare, it can be said that he beleives…

Q: To what extent are free markets morally justified? In your answer, you may want to be clear about…

A: The markets are a distributive mechanism which would result in the allocation of the goods and…