Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 16, Problem 6SQ
To determine
The criticism of capitalism.
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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…
Chapter 16 Solutions
Micro Economics For Today
Ch. 16.3 - Prob. 1YTECh. 16.3 - Prob. 2YTECh. 16.3 - Prob. 1GECh. 16.3 - Prob. 2GECh. 16 - Prob. 1SQPCh. 16 - Prob. 2SQPCh. 16 - Prob. 3SQPCh. 16 - Prob. 4SQPCh. 16 - Prob. 5SQPCh. 16 - Prob. 6SQP
Ch. 16 - Prob. 7SQPCh. 16 - Prob. 8SQPCh. 16 - Prob. 1SQCh. 16 - Prob. 2SQCh. 16 - Prob. 3SQCh. 16 - Prob. 4SQCh. 16 - Prob. 5SQCh. 16 - Prob. 6SQCh. 16 - Prob. 7SQCh. 16 - Prob. 8SQCh. 16 - Prob. 9SQCh. 16 - Prob. 10SQCh. 16 - Prob. 11SQCh. 16 - Prob. 12SQCh. 16 - Prob. 13SQCh. 16 - Prob. 14SQCh. 16 - Prob. 15SQCh. 16 - Prob. 16SQCh. 16 - Prob. 17SQCh. 16 - Prob. 18SQCh. 16 - Prob. 19SQCh. 16 - Prob. 20SQ
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- 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.arrow_forwardIn capitalist system, they are many fraud and illegal things happened. Why it happen?arrow_forwardWhat does this mean? “Capitalism is the supreme expression of human creativity and freedom, an economy of mind overcoming the constraints of material power. It is dynamic, a force that pushes human enterprise down spirals of declining costs and greater abundance. The cost of capturing technology is mastery of the underlying science. The means of production of entrepreneurs are not land, labor, or capital but minds and hearts.”arrow_forward
- Explain the term Capitalism?arrow_forwardExplain why Max Weber has a strong belief that the strong protestant work ethic is the key to the development of capitalism. How did Peter Drucker perceive the presence of innovation and entrepreneurship?arrow_forwardHow 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?arrow_forward
- No Plagiarism Please! 8. Explain the difference between capitalism and communism. What role does the government play in each type of economic system?arrow_forwardPlease explain why Capitalism is the most fair and efficient system in terms of innovation, and competition, inequality. Could you also please provide the counterarguments and referencesarrow_forwardWhat is capitalism, and how does it work?arrow_forward
- Smith and Marx have schematized the phases of development in the course of history. Discuss why they did this, while Ricardo concentrated on the problems of capitalism of his day.arrow_forwardWhat happened to each of the following as a result of drought in Mexico in 1808 -1809? a. livestock b. crops c. food prices d. unemploymentarrow_forwardSocialism Vs. Capitalism, which economic system do you prefer and why? Give real life examples.arrow_forward
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