EBK UNDERSTANDING BUSINESS
EBK UNDERSTANDING BUSINESS
12th Edition
ISBN: 8220106844298
Author: Nickels
Publisher: YUZU
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Chapter 2, Problem 1DCS
Summary Introduction

To discuss: Advantages, disadvantages and measures to mitigate disadvantages of a capitalist society and the reason a poor person would prefer the socialist economy.

Introduction:

Economics is the term used for the study of production, distribution and consumption of resources.

Capitalist economy is a type of economy where the markets are free and economic decisions are taken by the market forces.

Socialist economy is a type of economy where the major businesses and public utilities are operated by the government.

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