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

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: Identify the application of economic principles and theories to the present economic condition.

A: Economics hypotheses: These extensively fall under two classes: microeconomics and macroeconomics.…

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: How does microeconomics relate to macroeconomics?

A: Economics is the study of allocation  of limited resources. It has two…

Q: Is either the capitalist economic model or the socialist economic model preferable from a moral…

A: Capitalist economic model refers to an economy which is driven by private sector. The majority of…

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: What good is economic theory if it can't predict the behavior of a specific individual?

A: The economic theory are the simplification of the economic realities which are used to make the…

Q: What are the two broad meanings of Socialism?

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

Q: Branches of Economics History of Economic Thoughts

A: Branches of Economics Branches of economics are the micro and macro economics, it is the analysis of…

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: why david ricardo should be consider as a father of economics?

A: Economics is the study of allocating the scarce resources in the most efficient manner. The three…

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: Why economics is arts group

A: Economics is a social science as well as art which defines human behavior with the motive of…

Q: Identify and define the two branches of economics

A: Economics:- Economics can be defined as the subject that studies the production, consumption and…

Q: What is the best and the worst economic theory of adam smith as an economist?

A: Adam Smith, the father of modern economics, was a Scottish economist, philosopher, and author in the…

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: How does economics affect everyone?

A: Economics is a branch of social science which studies the behavior of the firms, people and the…

Q: How is capitalism thought to benefit society?

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

Q: Elucidate the following Scarcity and Problems of Economics Microeconomics and Macroeconomics

A: Solution: 1) Scarcity: It refers to the limitation of supply in relation to demand for a commodity.…

Q: If economics is a positive science, why do economists always disagree

A: Let’s see it with an example, suppose a nation has a high unemployment rate. The government…

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: Why is economics a social science subject

A: Economics can be defined as the study of people, societies, government and the businesses and how…

Q: What is economics as a social science

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

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: Is Economics an Administrative Science?

A: Science is an art that depicts the logical reasoning behind subjects and topics.

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…

Q: What good is economic theory if it cannot predict the behavior of a specific individual?

A: Economic theory helps in analyzing the functioning of an economy. It helps in understanding both the…