What are the demerits of a socialistic economy only 2 demerits.

Q: What’s the invisible hand?

A: The concept of the invisible hand was introduced by Adam Smith in his 1759 book The Theory of Moral…

Q: Why do we formulate policy?

A: A policy is a set of principles intended to direct decisions and produce objective outcomes. A…

Q: What is the rule of law?

A: It is a concept in which the law is something to be obeyed by everyone either the people or the…

Q: what did adam  proposed that government should do to help the economy

A: Government is a very important economic unit. It controls an economy and provides various resources…

Q: example of a significant aspect of an economy?

A: Economy- It is a group of activities related to production and consumption which helps in the…

Q: What is a social economy? Why is it considered to be happening already?

A: Economies are classified into different types based on the economic activities performed by the…

Q: How does republicanism differ from democracy?

A: Forms of government refer to the various types of relationships between people and their regulating…

Q: Why do you think that most modern countries’ economies are a mix of command and market types?

A: If economic decisions are taken by the government, it is known as the command economy. In such a…

Q: Who is more responsible for economic system? Government, households or firms and why

A: Economic system is the means by which households, firms or governments organize and distribute…

Q: Why do companies need to engage in the circular economy ?

A: Organization refers to a company that provides employment to people. An organization provides goods…

Q: Alma borrowed some money from a friend two hundred and seventy-five days ago at a simple interest of…

A: Introduction: Simple interest is calculated on the principal part of a loan or the original sum.…

Q: What is maginalise group

A: Using methods like social welfare functions and cost-benefit analysis, welfare economics aims to…

Q: The next general election in Indonesia is scheduled on 14 February 2024 to elect a new President,…

A: Given,  General Election in Indonesia is scheduled for 14th Feb 2024 to elect a new a new President…

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 fundamental problems and issues facing an economy in general?

A:

Q: Why is the study of economics important to democracy and why is it important for society to have an…

A: ExplanationEconomics is a subject that deals with the relationship between individuals who are…

Q: Who owns property in a socialist system?

A: .Socialism is a social and economic theory that advocates public ownership and control of property…

Q: What is legal economy

A: A market where there is a one seller in the market is known as the monopoly. The seller of the…

Q: What would happen to output if one input would increase and the other would not?

A: Answer: Introduction: Production involves many inputs such as land labor, and capital, etc. In the…

Q: b. Education received by one person also benefits that person's family and neighbors. Make an…

A: Education is a positive externality which means MSB(marginal social benefit) is larger than…

Q: How many sectors of economy are there?

A: Economy: It is the system of organizing money, industry, and trade of a country or region.

Q: What is the role of government in an economy. Is the government necessary in a nation?

A: Government is a political system by which a country is administered and regulated.

Q: Give one merit and one demerit of a socialist economy?

A: A socialist economy is the one in which all the considered legal production and decisions related to…

Q: What is economics defined by ?

A: Economics is a social science that analyze and describe the production, distribution, and…

Q: What are the key elements of the scientifific method and how does this method relate to economic…

A: We can say that the methodology used by economists to determine economic laws or values is the…