Why is private property and competition are the most important to a capitalist economy? Support your answer

Q: The economic argument being expressed in this extract is that of and has the consequence of a)…

A: Market failure is a situation in which free market fails to allocate resources efficiently.

Q: Which of the following is an advantage of capitalist economy? a. Maximization of welfare b. Absence…

A: In a capitalist economy, the property and goods are owned and contolled by private individuals. The…

Q: different societies require different amounts of societal resources

A: Societal resources- The resources that are related to the society.

Q: a) Briefly explain how is the ‘Islamic man’ different from the ‘economic man’? b) Describe whether…

A: Resources are scarce in all types of economies. Thus, every economic system seeks to utilize these…

Q: Identify some rules or laws that govern social responsibility in business. Also what is the…

A: The procedures that organizations take to examine their environmental and social effect are referred…

Q: What are the circular flows in the capitalist economy? Please draw it and explain at least in four…

A: Capitalist economy: It is alluded to as the monetary framework where the variables of creation, for…

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: 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: A __________ system is a method of making economic decisions that allows individuals and firms to…

A: In an economy, differ forms of markets are operated under different economic or market system.

Q: You own a building that has two possible uses: a grocery store, and a clothing store. The value of…

A: value of Grocery store = $7000 value of clothing store = $10,000 Opportunity cost = Return on best…

Q: Would it be more profitable for a business to follow the economic model or the socioeconomic model…

A: An economic model is a condensed representation of the truth that helps one to analyze economic…

Q: What are the different effects of MARKET FAILURE on humans, society, and the economy? Give at least…

A: defination: Market failure happens when the value component neglects to represent the entirety of…

Q: What does Joseph Schumpeter mean by “Creative Destruction”? Please give examples from the period of…

A: "Creative destruction," a term originated in the 1940s by economist Joseph Schumpeter, who…

Q: Which one of the following occurs in capitalistic economy? a. Means of production are owned by the…

A: Capitalism is defined as an economic system which is characterized by private ownership of the means…

Q: In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why…

A: In this ,the entrepreneurs are the self interested individuals who are interested in making certain…

Q: Islam gives complete freedom to economic enterprise with ________ a. None of the options b.…

A: Answer Option 'C' is correct.   Islam gives complete freedom to economic enterprise with some…

Q: Capitalist economies have these features, except __________. a. Profit motive b. Consumer's freedom…

A: Economic system majorly categorized as market economy and command economy. Market economy is belief…

Q: What is a social economy? Why is it considered to be happening already?

A: Economies are classified into different types based on the economic activities performed by the…

Q: What are some examples of a command economy? Market Economy?

A: In a command economy, macroeconomic and political contemplations decide resource allocation. Command…

Q: The greatest incentive for conserving scarce resources and using them in the most productive ways…

A: Natural Resources are materials from the Earth that are consumed to help life and address…

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: On the basis of your observations, which factors of production are scarce in your community? Give…

A: 1. Capital is scarce in my community. I have observed that major goods that are produced in my…

Q: Based upon those notions of self-interest and public interest and the bringing of both into harmony,…

A: The market economy is one in which the forces of supply and demand determine market price and…

Q: What is social responsibility? Can the government compel businesses in our country to abide by this…

A: In an economy, when an individual makes decision, his decision will influence the market when people…

Q: What can affect the prioritization of economic goals.

A: The objective of economic effectiveness has been characterized as the most elevated conceivable…

Q: Which of the following is not a constraint in achieving technological and economic efficiency? a.…

A: In a market, economic and technological efficiency is needed to improve the production process that…

Q: How can looting of Shops undermine the capitalistic economic system in the private ownership of the…

A: Capitalism is a monetary framework where private people or companies own capital products - for…

Q: In a market system, provide an example for when government can enhance or harm any of the processes…

A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…

Q: Capitalism

A: ‘Socialism’ and ‘capitalism’ are the two most important types of economy prevailing in our world…

Q: Why is the right of private property an essential characteristic of a market system?

A: A market system consists of buyers and sellers who interacts in order to make economic decisions and…

Q: How do you think a centrally planned economy versus a market economy would perform under each…

A: Economy is the system where people earn their livelihood. And there are mainly three types of…

Q: Which economic system is characterized by having all public or government owned resources? O…

A: Not each economy has a similar economic and social environment, and these changes occur due to…

Q: Why is private property, and the protection of property rights, so critical to the success of the…

A: Private property can be legally defined as any resource, asset, or capital the ownership of which is…

Q: capitalist

A: On the basis of ownership and functioning an economy can be classified into three, that is the…

Q: Which of the following is not characteristic of capitalist thought?a. Private individuals have a…

A: Capitalist economy: - it is that economic system where the price, quantity, and types of goods and…

Q: In the capitalist economic system, the individuals through the forces of demand and supply interact…

A: In a capitalist economy, resources are owned and controlled by industrialist private owners. Though…

Q: Karl Marx offers the most critical view of modern private property and free market institutions.…

A: Karl Marx is a prominent political theorist and economist. His works favour communism and critique…

Q: what are the three institution of government that protect individuals right in a market economy,…

A: Market Economy Supply and demand, multiple economic forces, govern the creation of goods and…

Q: Use the theory of the invisible hand to analyze events in everyday life.

A: Answer: The theory of invisible hand is given by the classical economist Adam smith. According to…

Q: Describe three different kinds of economic systems.

A: Different kinds of economic systems include;    1. A command economy    2. A market economy   3. A…

Q: Within a laissez faire system, the government should only perform those activities that the private…

A: An economic that works on the concept of the free market mechanism is essentially a capitalist…

Q: An economy will achieve productive efficiency when it ___ and will achieve allocative efficiency…

A: Productive efficiency implies that, given the accessible data sources and innovation, it's difficult…

Q: Why do property rights and the level at which choices about using resources occur matter to an…

A: The property rights and the level at which the choices about using the resources affect the society…