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

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 theory is biased on the idea that two economic systems capitalism and socialism will eventually…

A: In economics, there are different approaches to see the world and there are different ways to deal…

Q: What are some deficiencies of the capitalist model?

A: Capitalism governs most of modern Western life. Private property, private ownership of the factors…

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: Which Characteristics of economy system are the most important to a capitalist economy

A: Capitalism is the most noticeable in our present worldwide financial framework. Its principal…

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: Can you explain how economic systems shape and influence ideologies?

A: Economic system may be planned or unplanned.

Q: In capitalist system, they are many fraud and illegal things happened. Why it happen?

A: There are various schools of economic thought, each with its own beliefs and principles. In a…

Q: What is the main purpose of Utopia’s economy?

A: A particular place/society, that is almost perfect in every way possible, presented hypothetically,…

Q: How does self-interest help achieve society’s economic goals? Why is there such a wide variety of…

A: The self-interest varies according to various groups of individuals. The group of producers, who are…

Q: Why do we formulate policy?

A: A policy is a set of principles intended to direct decisions and produce objective outcomes. A…

Q: What are the two broad meanings of Socialism?

A: 1).any of various economic and political theories advocating collective or governmental ownership…

Q: QUESTION 40 Which of the following is NOT a characteristic of a capitalist economy?…

A: Capitalist is often conceived of as an economic system in which individual actors own and manage…

Q: Marx held that to understand the fundamental relationships of capitalism, one had to look at the…

A: Why one had to look at the sphere of production? As per Karl Marx version of economics, People…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

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 are the different types of Economic Systems?

A: An economic system is a method by which social orders or governments coordinate and disperse…

Q: What is the importance of learning Economics to our present Political and Economical Conditions…

A: The importance of learning Economics to our present Political and Economical Conditions right now…

Q: . What is the benefit of something measured by what you are willing to give up?

A: Measuring the things which are going to be given up will help to compare the decisions, the cost and…

Q: What thing is considered as an integral part of the capitalistic economy? One word

A: According to the given question Actually the capitalistic economy is also known by the other name…

Q: In which type of economy does only the government make economic decisions?

A: The economy in which the only government make or take the economics decisions are the  CENTRALLY…

Q: What are the three categories of paradigms?

A: A paradigm is a comprehensive belief system, world view or framework that guides research and…

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: Why are production and competitiveness important in today's economies?

A: Production increases competitiveness and competitiveness increases overall GDP in the economy.

Q: what is the major economic schools of thought?

A: A school of economic thought deal with economists who have a particular view or perspective…

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

A: Capitalist economy is the economy in which majority of resources are owned by the private party.  In…

Q: Define mixed economic system.   Karl Marx predicted that a capitalist economy would have what…

A: Economic system: An economic system is defined as a process that governed and regulates a society or…

Q: how does a market economy and individual right works? explain.

A: The many laws and ordinances that make up the economy are referred to as the economic system.…

Q: What do we mean when we say individuals are both products and producers of society.

A: A producer is defined as an individual who creates and supplies the goods and services in the…

Q: Why is Private Property and Competition are the most important to a capitalist economy?

A: A capitalist economy refers to an economic system in which the private agents own and control the…

Q: Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective?

A: Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective?…

Q: utilitarianism have good or bad effects on business?

A: The concept of utilitarianism refers to the belief of doing such things that will bring happiness to…

Q: What do you think is/are the most effective and efficient economic system? Explain your answer…

A: The most effective and efficient economic system is mixed economic system. In this, there is a blend…

Q: How does a market economy solve the what, how, and for whom to produce problems?

A: What to produce, how to produce and for whom to produce are three basic economic questions or…

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: 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: Give one merit and one demerit of a socialist economy?

A: A socialist economy is the one in which all the considered legal production and decisions related to…

Q: What are the types of economic systems? How will you differentiate Command from a Market economy?

A: There is scarcity of resources across the world. These scarce resources undergoes through a…

Q: What are the central features of capitalism as an economic system?

A: GIVEN    the central features of capitalism as an economic system

Q: How does marginality work in economics?

A: when we have two variables say x and y, the change in amount of x caused by one unit change in y is…