Which of the following free-market philosophers believed that Capitalism would end because its image would be tarnished by corruption, causing people to seek out Socialism as a more equitable alternative. Mises Marx Smith Schumpeter
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- Is either the capitalist economic model or the socialist economic model preferable from a moral point of view?John Stossel’s Video “GREED,” by ABC News. 45-minute videoGreed (ABC 20/20 - 1998) (with English subtitles) - YouTube 1. If greed in some measure seems to be a rather universal characteristic, is it possible channel or directit to achieve good results or socially acceptable ends? Explain .2. The poet John Donne said “No man is an island, entire of itself; every man is a piece of the continent,a part of the main...” As you recall Mr. Stossel’s steak dinner, explain what would undoubtedly happento your personal standard of living if you were live a completely self-sufficient life-style? What wouldyou spend most of your time doing? 3. Would it ever be logical – be in your best interest to turn down a pay raise? 4. Explain how people respond to incentives and how markets turn self-interested behavior to thebenefit of consumers.What are the features of the socialistic economy?
- If economic laws are applicable in real world?Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. * The market system/capitalism is the best economic system because it 2 points is Efficient (doesn't waste resources producing things that won't sell) O Flexible (what is produced is easily changed to copy demand) Upward Social Mobility Due To The Potential To Profit By Hard Work Produces Democratic Government Because of Economic Democracy. All of These None of These In, a change in quantity demanded for one product or service causes a change in simple demand for a related product or service. 2 points O Elasticity of Demand O Cross Elasticity of Demand O Diminishing Marginal UtilityWhat is okun's law ?