The term "creative destruction" means: Group of answer choices   We should not have moved into our modern life style using cars and buses, and tractors to plough the land, because this has destroyed the better quality life we could have had without cars, buses and tractors.   Capitalism is inevitably destructive.   Human nature is unavoidably both creative and destructive, and most often we combine the two in our every day life.   In order to advance to newer, better, products, we have to discard our old products and move away from less efficient ways of production.

Q: Scarcity limits the volume of goods that an economic system can produce but does not limit the…

A: One of the defining features of economics is scarcity, which deals with how people satisfy unlimited…

Q: In a command economy, the government decides Select all that apply: which goods and services will be…

A: There are different types of economies around the world. Each and every economy has its own…

Q: As we look at contemporary real-world economic systems, it is evident that market socialism is an…

A: Answer-

Q: Distinguish between the two global cultures of capitalism. Do you envision a convergence of these…

A: Capitalism is the type of economy where the full control of the market is in the hands of the…

Q: Capitalism has accomplished many different things. While in the past, if you were a member of a…

A: It is obvious that you find the historical development of capitalism, with a view to offering…

Q: Which of the below statements DOES NOT capture Economics? Group of answer choices   Economics…

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

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A: Economist argue that the free market allocates the goods efficiently so the government should not…

Q: The people of China now enjoy a socialist market economy rather than pure communism. What must the…

A: Economic Freedom Every person has the fundamental right to govern their own employment and property,…

Q: Frederick Bastiat and Jean Jacques Rousseau would most likely agree on which of the following:…

A: The objective of the question is to identify the statement that both Frederick Bastiat and Jean…

Q: a)What are the characteristics of a socialist economy? Of a capitalist economy? b)In your normative…

A: Economy generally refers to an area where there is production, trade, distribution and consumption…

Q: Why is the scientific method used? so people not trained in science cannot understand it to answer…

A: Scientific research is the researching of new knowledge by formulating the hypothesis and testing…

Q: What does Joseph Schumpeter mean by “Creative Destruction”? Please give examples from the period of…

A: "Creative destruction," a term originated in the 1940s by economist Joseph Schumpeter, who…

Q: Is capitalism associated more with a market or command economy? Why would capitalism be able to do…

A: Capitalism is associated with market economy.

Q: Marx and Engels ([1848] 1967) argued that market-based capitalism was the most dynamic force in the…

A: The activities or policies that lead to improving the well-being and quality of the economy are…

Q: In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why…

A: In this ,the entrepreneurs are the self interested individuals who are interested in making certain…

Q: Economics can be defined as the study of how people, businesses, governments, and societies Make…

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

Q: Both Private Property and Limited Government are integral to a purely Capitalistic economic system.…

A: Capitalistic system refers to the economic system where the factors of productions are owned by the…

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: Identify each of the following quotes as being associated with either the concept of the invisible…

A: Concept of Invisible hands given by Adam Smith which emphasises that individuals  pursuing their…

Q: While fascist movements emerged in virtually every industrial capitalist country after World War I,…

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Q: I feel that the strongest moral consideration in favor of capitalism would be the freedom to pursue…

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Q: The YouTube video "Why Capitalism Works" seems to provide a compelling case for why capitalism is…

A: Capitalism is an economic and social system characterized by private ownership of the means of…

Q: Which of the following refers to an economy which most economic decisions are made by the government…

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Q: The political application of economic principles typically falls somewhere between two extremes:…

A: Here answer is “communism and Socialism”

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A: The primary concepts in the information given are related to how capitalism affects societal…

Q: What attribute of capitalism will eventually lead to its collapse as claimed by Marx? How did this…

A: Marx believed that the capitalist system held the seeds of its own demise from the start.

Q: In The Wealth of Nations (1776), what does Adam Smith identify as the primary driver of the success…

A: "An Inquiry into the Nature and Causes of the Wealth of Nations," also known as "The Wealth of…

Q: Which of the following is NOT characteristic of a capitalist economy? Group of answer choices…

A: The activities that are related to production, sale, consumption and exchange of resources between…

Q: Do you think a free market or a command economy is more likely to encourage productive and…

A: Command economy and free market are two opposite firms of an economy because command economy is the…

Q: Which of these economic systems have the most in common? A Free-enterprise economy and market…

A: This can be described as a form of market in which no single producer or consumer has the power to…

Q: Q.4 The Classical and Marginalist economic schools of thought are among the most important schools…

A: Classical economists created their "magnificent dynamics" during a time when capitalism was emerging…

Q: In which framework for organizing the global economy does “the market (properly manipulated) stands…

A: Global economy: It refers to the economic system under which all the people are considered. The…

Q: How might conscious capitalism be applied in international markets? Give an example of a company…

A: Conscious Capitalism leaders aim to honour and find out a voice of the stakeholders, from investors…

Q: How does economic freedom (people have choices on how to spend their money), private property (you…

A: Capitalist economy is a type of free market where every party consumer, producer acts freely in…

Q: If you can please also, add charts and graphs to broaden the explanation as well as add articles and…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Which of the following is an example of a traditional economy?         The majority…

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Q: Present and evaluate the claim that capitalism creates waste and false needs. If the claim is…

A: What is capitalism? Capitalism is a system of economic governance that has arisen in many contexts…