The economic system where all the industries are owned by the government is called as ______________. a. Mixed economy b. Capitalist economy c. Command economy d. Economic system
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- 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 characteristic of following economic system Free market economy Command economic systemIn the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the Internet and new information technologies. A few, like Yahoo, eBay, and Amazon, have generally thrived and prospered, but many others struggled and eventually failed. Explain these varied outcomes in terms of how the market system answers the question “What goods and services will be produced?”
- In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the Internet and new information technologies. A few, like Google, eBay, and Amazon, have generally thrived and prospered, but many others struggled and eventually failed. Explain these varied outcomes in terms of how the market system answers the question “What goods and services will be produced?2. The economic system where all the industries are owned by the government is called as ______________. a. Mixed economy b. Command economy c. Capitalist economy d. Economic systemWhich of the following statement is correct about entrepreneurs? a. Entrepreneurs have more freedom. b. Entrepreneurs' income is certain c. Entrepreneur is a servant in the business d. Entrepreneurs have to avoid the risks
- 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 what type of economic system are the basic economic questions answered in the same way as in the past? A planned economyA traditional economyA command economyA market economy Flag this QuestionA traditional economic system which is simply explained as “producers consumers relationship” is said to be related to the environment. 1. Explained how the market works, market behavior, and interaction between the market system and the environment? Explain why the market fails. Provide an example.
- Answer the following questions. How has an Act of the United States Congress increased U.S. production of corn? Why would you expect an increase in the quantity of corn produced to raise the opportunity cost of corn? Why did the cost of producing corn increase in the rest of the world? Is it possible that the increased quantity of corn produced, despite the higher cost of production, moves the United States closer to allocative efficiency?1. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic system1. It regulates the engagement between the producer and the consumer. A. Chamber of commerce B. Local community C. Government 2. Economic development is measured by looking at A.Wealth of the community B.Quality of life C.Type of businesses present 3.It is regarded as the engine of the economy. * A.Entrepreneurship B.MSME's C.Education 4.The future belongs to those who can think like a; A. Positive person B.Scientist C.Entrepreneur 5.Which of the following is an entrepreneurial mindset? * A.Vulnerable Mind B.Resilient Mind C.Rigid Mind 6. is more interested in being unique. A.Independent Mind B.Risk Managing Mind C.Designing Mind 7.It is determined to achieve stretch goals. * A.Resilient Mind B.Independent Mind C.Goal oriented and effectuating mind 8. It has the propensity to take calculated risks. * A. A positive mind B.Risk managing mind C. Calculated risk mind 9.It…