Which one of the following occurs in capitalistic economy? a. Means of production are owned by the government b. The element of a market and the command economy c. It functions with a focus on welfare d. Completely free market operation
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- What thing is considered as an integral part of the capitalistic economy? One wordWhich Characteristics of economy system are the most important to a capitalist economy?QUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.
- Which of the following is not characteristic of capitalist thought?a. Private individuals have a right to pursue private gain.b. Society will benefit from attempts to make a profit.c. The state must make an active attempt to control the economy.d. Individuals pursuing a profit must be willing to risk losing money.what is scarcity? what is coumpound product? what is demand what is supply?Write a sentence or two defining the following terms in your own words. Give examples of each. a. Scarcity b. Substitute Goods c. Monopoly
- What is the production possibilities frontier? A. a map that shows areas of the world in which capitalist production is highest B. a map that shows the frontier beyond which technological innovation is unprofitable C. a graph that shows the various combinations of resources that can be used to produce a given level of output D. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technologyThe three economic questions that every society must answer are OA. What are the prices of goods, how are they determined, and who will pay for them? OB. What economic system will be used, how will it be implemented, and who will make market decisions? OC. What goods will be produced, how will they be produced, and who will receive the goods? OD. What kind of government will the society have, how will it be run, and who will run it? Centrally planned economies allocate resources based on decisions by while market economies answer these questions through decisions made byIn capitalist economy, does it project a fair price for the consumer?
- What are the type of market failures? And give one specific example for each and describe it.Imagine that you own your business. It does not need to be the same as in other questions, youare allowed to pick a different firm or product.a.Think about your production process. Please explain the technology that youuse in the production process.b.How do you think the technology that you use, affects the market structureand/or the demand of your product? Note that this question is NOT about howtechnology affects your production process, therefore, NOT about productivity, NOTabout the cost structure.Which of the following is an advantage of capitalist economy? a. Maximization of welfare b. Absence of monopoly c. Limited government control d. Equal opportunity