What do you think is/are the most effective and efficient economic system? Explain your answer applying it to the present economic condition.

Q: What would be another example of a “system” in the real world that could serve as a metaphor for…

A: Economics is a social science subject. Understanding the subject gives a  brief idea regarding how…

Q: What are economic systems, and how do they differ?

A: Answer: Economic system: it refers to the system by which resources, goods, and services are…

Q: What are the four basic economic questions? How are they answered in a capitalist economy?

A: The four basic questions concerning an economy are: (a) What and how much quantity of goods and…

Q: What are some of the Requirements for Economic Models?

A: An economic model is a simplified version of reality that allows us to observe, understand and make…

Q: What are the three types of economic systems in internaional market? What criteria can we use to…

A: Economics deals with the supply and demand of resources. According to Adam Smith, the father of…

Q: How is it that the problem of who to produce for is resolved in the capitalist system?

A: A capitalist system is an economic system that is run by the free enterprises of the market. In this…

Q: List  AND EXPLAIN three types of economic systems. Based on the information provided and your…

A: An economic system refers to a mechanism through which the resources are used, allocated and…

Q: Identify the application of economic principles and theories to the present economic condition.

A: Economics hypotheses: These extensively fall under two classes: microeconomics and macroeconomics.…

Q: In a Capitalistic economy, due to the "mixed market" and economic freedoms that are a part of this…

A: Kinds of economic systems regulate economic choices in various nations. They utilize different…

Q: How are economic systems linked to types of societies?

A: Economic system: A monetary framework is a method by which social orders or governments arrange and…

Q: What is “upward and downward causation” in institutional economics?

A: The term institutional economics was announced by Walton Hamilton at a meeting of the American…

Q: the difference between mercantilism, liberalism, and Marxism. How does each view the purpose of…

A: Mercantilism was a trade-related economic policy that mainly existed from the 16th to the 18th…

Q: What are the characteristics of a good economic model?

A: Characteristics of a good economic model: 1) The acquisition cost is low compared to the cash flow…

Q: Capitalism is defined as an economic system in which a country's trade, industry and profits are…

A: Capitalism or in other words it is market market economy where the economic decision what to produce…

Q: Name two things about our current economic system you would like to change, and briefly explain why.

A: I believe that changing the tax code to benefit specific groups, such as small businesses,…

Q: In what ways is economic science similar to the natural sciences? In what ways is it different? What…

A: Economics is unique compared to other academic disciplines in that it is more theoretical than other…

Q: Issues/problems of economy as a social institution? Explain and add a solution to that problem.

A: Issues and the problems identified in the economy as the social institution are the…

Q: Compare and contrast the various types of economic systems

A: An Economic System is any process which includes mechanisms for the manufacture, delivery, and trade…

Q: WHO IS THE FATHER OF THE MODERN ECONOMICS

A: Economics is the study of social activities in which people interact with each other to make…

Q: What is the main difference between free-market systems and planned systems?

A: A market is a gathering area where people can come together to exchange products and services.…

Q: Does an individual consumer really have a voice in answering the basic four economic questions…

A: The basic questions of economics are; what to produce?, how to produce? and for whom to produce?. An…

Q: What attribute of capitalism will eventually lead to its collapse as claimed by Marx? How did this…

A: Marx believed that the capitalist system held the seeds of its own demise from the start.

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: the difference between Islamic Economics system and Capitalist Economic system

A: The Islamic economic system is the variety of rules, characteristics and standards of direct that…

Q: How is the problem of what and how much to produce resolved in the capitalist system?

A: A capitalist system is an economic system where private enterprises own and control the resources of…

Q: What is an institution? Give examples of (and explain the differences between) formal and informal…

A: The organizations are an important part of the society. They help in structuring the daily lives of…

Q: How market mechanism solves the basic economic problems?

A: The market economy will help to solve the economic problems.

Q: Why do most economies in the world today operate somewhere in between a market economy and a command…

A: A free-market economy means the economy where the market is run by the forces of demand and supply.…

Q: Identify the gaps/flaws of Capitalist and Socialist economic systems.

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: According to economic theorists, which system should have the greatest degree of control by the…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: • Discuss how individuals and businesses can help move our economic system in a sustainable…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: What are Milton Friedman economic theory’s general principles?

A: Answer -

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: What are examples of society's widely accepted economic goals?

A: Economic goals: - Economic goals are the desired conditions of the people of a country which improve…

Q: Explain what are economic systems? In your explanation, give indication regarding the role of an…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Compare different types of economic systems

A: An economic system is a way for governments or societies to coordinate and distribute capital,…

Q: What is Economic System? And what system is the best system your community will use and implement to…

A: The economics as a study is based upon the idea that the resources which are present with the…