To Discuss: The importance of:
- Socialism
- Proletariat
- Communism
- Democratic socialism
- Authoritarian socialism
Explanation of Solution
Communism generally refers to the controlled planned actions by the government under which normally all the resources are planned and executed by the government. Under this situation the people or consumers are treated equally on the basis of their knowledge and their skills not by their class or religion. Here the community refers to the government. Under communism there are certain facts and goals which best utilize and optimize the allocation of resources.
Democratic socialism refers from the statement where both society and democracy of people take place. Democracy occurs when the people of society are freely making their own decisions and they do not have to rely on others and socialism goes supportively side by side. It is based on the relative concept. As it is not pure capitalism nor pure socialism but it is combination of both. Democratic socialism is also known as ideology socialism as it is based on the fact and decisions of individual.
In Authoritarian socialism refers where there is full control by the government under political issues, under this the leader control the group of people and guided by the leader, on how to utilize the resources and maximizing their capability. Thus the main significance of authoritarian socialism is to develop the industrial sector by upgrading the heavy machinery and labor both simultaneously.
Introduction:
Socialism refers to the system under which the economic system is controlled and regulated by government itself. In socialism everything in society is made by the cooperative efforts of people and citizens
Chapter 2 Solutions
Economics Today and Tomorrow, Student Edition
Additional Business Textbook Solutions
Horngren's Accounting (12th Edition)
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Management (14th Edition)
Foundations Of Finance
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
Advanced Financial Accounting
- 1. The current price for a barrel of oil is $28. Assume the marginal extraction cost per barrel is $8 and the interest rate is 4 percent per year. a. According to the standard Hotelling model for a nonrenewable resource, what is the forecasted price for next year? b. How would your forecast change (qualitatively) if the demand for oil increased before next year?arrow_forward• What are the 5 positive and 5 negative attitudes a salesperson has? What are the best way to improve those negative attitudes? • What is the another concise definition of Salesmanship? • As a Watson's salesperson in the Philippines what are they're: - earning opportunities? - chances of promotion and career growth? - rewards and awards? - incentives and fringe benefits? - employment requirements?arrow_forwardWhere in the Victoria, BC is the most logging occurring? Include relative and absolute locationsarrow_forward
- In Foresty , What do most clear cut locations have in common with each other? Do they occur along the shorelines of lakes and rivers? Near major highways? Are they near cities or far from people?arrow_forwardHow sustainable is the forestry industry in BC in your opinion? Not at all, somewhat, very and explain your reasoning.arrow_forwardIn a paragraph, no bullet, points please answer the question and follow the instructions. Give only the solution: Use the Feynman technique throughout. Assume that you’re explaining the answer to someone who doesn’t know the topic at all. 6.Draw a standard Commercial Bank Balance Sheet and briefly explain each of the main components.arrow_forward
- C1 The following model can be used to study whether campaign expenditures affect election outcomes: voteA = 0 + B₁ log(expendA) + ẞ₂ log(expendB) + ẞ3 prtystrA + u, where voteA is the percentage of the vote received by Candidate A, expendA and expend are campaign expenditures by Candidates A and B, and prtystrA is a measure of party strength for Candidate A (the percentage of the most recent presidential vote that went to A's party). == (i) (ii) (iii) (iv) What is the interpretation of B₁? In terms of the parameters, state the null hypothesis that a 1% increase in A's expenditures is offset by a 1% increase in B's expenditures. Estimate the given model using the data in VOTE1.DTA and report the results in usual form. Do A's expenditures affect the outcome? What about B's expenditures? Can you use these results to test the hypothesis in part (ii)? Estimate a model that directly gives the t statistic for testing the hypothesis in part (ii). What do you conclude? (Use a two-sided…arrow_forwardIn a paragraph, no bullet, points please answer the question and follow the instructions. Give only the solution: Use the Feynman technique throughout. Assume that you’re explaining the answer to someone who doesn’t know the topic at all. 10. What is Tinbergen’s constraint? Explain its importance in regard to US monetary policy.arrow_forwardIn a paragraph, no bullet, points please answer the question and follow the instructions. Give only the solution: Use the Feynman technique throughout. Assume that you’re explaining the answer to someone who doesn’t know the topic at all. 8. How does monetary policy supposedly translate into changes in AD?arrow_forward
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education