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- What kind of economic system does the following statement describe? Select the best answer. A country where people are able to sell what they want Answer This is an example of a traditional economy. This is an example of a market economy. This is an example of a command economy.Discuss the claim that the main developments in microeconomic theory in the 1920s and 1930s involved moving on from the theories developed by Alfred Marshall.What would be another example of a “system” in the real world that could serve as a metaphor for micro and macroeconomics?
- what theory is biased on the idea that two economic systems capitalism and socialism will eventually adopt features of the other until there is a hybrid economic system in all societies?The YouTube video "Why Capitalism Works" seems to provide a compelling case for why capitalism is beloved by many Americans. Yet from a Marxian perspective, the video fails to address a flawed aspect of the capitalist enterprise. What does the video intentionally(?) hide and briefly explain why a Marxist would find the capitalist economic model problematic? What basic solution would it offer to enhance the quality of workers' lives?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 O Schumpeter