Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
Question
Book Icon
Chapter 16, Problem 6SQ
To determine

The criticism of capitalism.

Blurred answer
Students have asked these similar questions
Capitalism was originally a smear used by which socialist founder? A. Adam SmithB. Jean-Jacques RousseauC. Vladimir LeninD. Karl MarxE. Paul Krugman
In socialist system, people work out of fear and not out of any self-motivation. What do you think the reason for this? a. Absence of monopoly b. Absence of freedom c. Bureaucratic expansion d. Profit motive
Capitalism has accomplished many things, but I feel that the most important thing is the bringing together of the societies together to benefit one another. A key driver of capitalism is competition. The book talks about how competition makes individual pursuit of self-interest socially beneficial. We are constantly trying to lower our manufacturing costs to ensure our prices are lower than our competitors and so we get more business. The competition factor keeps businesses in the race to become better and better year after year. Its prospects for the future are bringing farther away markets closer together through the power of the internet. We see this a lot with Ecommerce now. For example, dropshipping allows companies to reach out to manufacturers all over the world to produce goods for them at the lowest cost. 100 years ago, you would not have been able to do such a thing. This brings a sense of one large global market much more likely of an outcome if we continue to defy geography…
Knowledge Booster
Background pattern image
Similar questions
Recommended textbooks for you
Text book image
Economics For Today
Economics
ISBN:9781337613040
Author:Tucker
Publisher:Cengage Learning
Text book image
Survey Of Economics
Economics
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Cengage,
Text book image
MACROECONOMICS FOR TODAY
Economics
ISBN:9781337613057
Author:Tucker
Publisher:CENGAGE L
Text book image
Micro Economics For Today
Economics
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Cengage,
Text book image
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co