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- Beginning in the late 1970s, economic reform in China allowed farmers, for the first time, to keep a portion of their crops and to sell them to others. Previously, all food was collectively farmed and shared. This policy is related to which factor of institutions?Ways in which China has a socialist market economy?A 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.
- Individuals who wish for the state ownership of resources and for state control over economic activity are advocates of ________. A) capitalism B) a synthetic economy C) a market economy D) a mixed economy E) communismExplain the difference between market capitalism, centrally planned capitalism, centrallyplanned socialism, and market socialism. Give an example of a country that illustrates eachtype of system.Capitalism is defined as an economic system in which a country's trade, industry and profits are controlled by private owners or companies, rather than by the state. Do you agree Capitalism is the best economic system which will ensure justice and fairness for citizens? Provide your explanation.
- Choose the one that is correct about capitalist economic system. a. Private ownership of factors of production b. Absence of technology c. Maximization of social welfare d. Unlimited government controlExplain the difference between capitalism and socialism.How might conscious capitalism be applied in international markets? Give an example of a company that has exercised conscious capitalism and why it has worked. Why is it important? How would you leverage that strategy as part of the Christian worldview? Social responsibility and Christian worldview?
- The people of China now enjoy a socialist market economy rather than pure communism. What must the people of China accept in return for greater individual economic freedom?Capitalism is a market-driven economy, characterized by government ownership of resources, and profits that are shared equally among the populace. True or false?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 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?”
