how would you explain what socialism is to a fellow economist?

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: Ways in which China has a socialist market economy?

A: The term "economic system" refers to the many laws and ordinances that make up the economy. In terms…

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: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

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: Which forms of economics is best for whom and why? (capitalism versus socialism)

A: An economic system known as a capitalist economy is one in which private organisations manage the…

Q: Friedrich Hayek advocated for an economic system based on

A: In 1899, in Vienna, Austria, a famous economist was born. Friedrich Hayek is well-known in the…

Q: Economist Richard Thaler describes economics as the sum of two parts. What are these two parts?

A: Richard H. Thaler is an economist from the United States. Thaler is a researcher who specializes in…

Q: what is modern economics

A: In an economy, the study of interaction among people for the purpose of buying and selling…

Q: Which of the following free-market philosophers believed that Capitalism would end because its image…

A: A free market is an economic system characterized by voluntary exchanges and transactions between…

Q: What are the human behaviors economists should observe when creating economic models?

A: The human behaviours that must be taken into account while developing an economic model depend on…

Q: Are there any merits to Thomas Maltus' economic theories?  Why did Malthus' predictions fail to come…

A: While Malthus' theories have some merits and continue to inform discussions about population…

Q: Who did Milton Friedman advise with his economic theory?

A: Milton Friedman was an American economist and statistician who believed strongly in free market…

Q: What are the features of the socialistic economy?

A: According to the given question In Simple words we can say that a socialist economy is that type of…

Q: What are the general philosophies of any two of the following famous economists? Is it possible to…

A: Economic theories have profoundly influenced global financial systems and political ideologies.…

Q: If you were the Prime Minister of the country, would you be more interested in your economic…

A: An economic advisor is a professional who gives master guidance on economic issues. This job can be…

Q: How do a capitalist economic system influence safety and health

A: Capitalism is commonly conceived of as an economic system in which individual actors own and control…

Q: What are the main differences between a capitalist (market-based) and socialist (command) economic…

A: There are various types of economic systems depending on the degree of participation of public and…