What are the main differences between a capitalist (market-based) and socialist (command) economic system?

Q: What is the value base of communitarian capitalism?

A: The philosophy of communitarianism emphasises the individual's relationship to the greater…

Q: Decide whether each of the following descriptions most closely corresponds to being part of a…

A: ANS A command economy is a form of economy where any economic problems are solved according to the…

Q: flaws of capitalism and socialism?

A: Socialism - The government uses to manage money and economic resources in a socialist economy. The…

Q: what theory is biased on the idea that two economic systems capitalism and socialism will eventually…

A: In economics, there are different approaches to see the world and there are different ways to deal…

Q: Compare the main differences between the traditional system and the command system in economic…

A: The methods by which societies coordinate the creation, distribution, and consumption of goods and…

Q: Using the three concepts of teleology, what drives a free market system?

A: Teleology refers to the explanation of phenomena by the purpose or goal they serve rather than by…

Q: What are the three types of economic systems in internaional market? What criteria can we use to…

A: Economics deals with the supply and demand of resources. According to Adam Smith, the father of…

Q: Q.No.4 there are two well-known economic systems prevail in today’s world i.e. Capitalism and…

A: It is never enough to talk about economics, particularly when describing the economic system.…

Q: 12. Which of the following does not use the fee-for-service revenue models? A. online games B.…

A: Fee-for-service revenue model is when a supplier supplies his service to the people and get revenue…

Q: What are three important way by which "consumer cities" may differ from "production cities?"

A: Cities have historically been perceived as providing benefits in production and drawbacks in demand,…

Q: Which of the following is not correct about a socialist economic system? a. Absence of Economic…

A: Socialist economic system: Socialist economic system is a type of economic system in which all the…

Q: In a Capitalistic economy, due to the "mixed market" and economic freedoms that are a part of this…

A: Kinds of economic systems regulate economic choices in various nations. They utilize different…

Q: The people of China now enjoy a socialist market economy rather than pure communism. What must the…

A: Economic Freedom Every person has the fundamental right to govern their own employment and property,…

Q: Can you explain how economic systems shape and influence ideologies?

A: Economic system may be planned or unplanned.

Q: a)What are the characteristics of a socialist economy? Of a capitalist economy? b)In your normative…

A: Economy generally refers to an area where there is production, trade, distribution and consumption…

Q: Name two things about our current economic system you would like to change, and briefly explain why.

A: I believe that changing the tax code to benefit specific groups, such as small businesses,…

Q: Is capitalism associated more with a market or command economy? Why would capitalism be able to do…

A: Capitalism is associated with market economy.

Q: Marx and Engels ([1848] 1967) argued that market-based capitalism was the most dynamic force in the…

A: The activities or policies that lead to improving the well-being and quality of the economy are…

Q: In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why…

A: In this ,the entrepreneurs are the self interested individuals who are interested in making certain…

Q: How many varieties of capitalism is there?

A: Capitalism is an economic system based on the private ownership of productive assets and their…

Q: Define economics and describe the two types of economic systems: capitalism and command economy.

A: Humans have unlimited wants, but there are limited resources in the system or there is scarcity of…

Q: Both Private Property and Limited Government are integral to a purely Capitalistic economic system.…

A: Capitalistic system refers to the economic system where the factors of productions are owned by the…

Q: "Vernon Smith started a series of experiments to see whether basic predictions of the standard…

A: The study of the influence of psychological, cognitive, emotional, cultural, and social factors on…

Q: Compare and contrast the various types of economic systems

A: An Economic System is any process which includes mechanisms for the manufacture, delivery, and trade…

Q: Microeconomic theory studies how a free-enterprise economy determines (a) the price of goods, (b)…

A: Microeconomics is the branch of Economics which studies the behavior of individuals, households and…

Q: Why do governments intervene in free-market systems?

A: In a free market system, there is a self-correcting market mechanism and the supply and demand in…

Q: Which of the following free-market philosophers believed that Capitalism would end because its image…

A: A free market is an economic system characterized by voluntary exchanges and transactions between…

Q: after Cambridge dictionary the particular way in which a person or group thinks about something…

A: Mentality Noun [ Usually singular]  A person's particular way of thinking about things:  I can't…

Q: Does an individual consumer really have a voice in answering the basic four economic questions…

A: The basic questions of economics are; what to produce?, how to produce? and for whom to produce?. An…

Q: An important insight by early economists was that an economy based on​ free-market transactions is ▼…

A: In economics, the idea of self-interest can be described as a concept that reflects that all the…

Q: The YouTube video "Why Capitalism Works" seems to provide a compelling case for why capitalism is…

A: Capitalism is an economic and social system characterized by private ownership of the means of…

Q: Describe the major characteristicsof capitalism, socialism, and mixedeconomic systems.

A: Economic system refers to the framework under which the economy of the nation operates. Different…

Q: ways to boost productivity?

A: Productivity refers to the ratio of output produced from using a unit of input. In other words, it…

Q: What attribute of capitalism will eventually lead to its collapse as claimed by Marx? How did this…

A: Marx believed that the capitalist system held the seeds of its own demise from the start.

Q: Briefly list and explain each of the eight main shortcomings of the capitalist, free-market…

A: Owners of wealth, property, ability to traverse capital, or production ability in capital and…

Q: the difference between Islamic Economics system and Capitalist Economic system

A: The Islamic economic system is the variety of rules, characteristics and standards of direct that…

Q: According to Adam Smith’s The Wealth of Nations, when it comes to government oversight in the free…

A: Q1. Does the government play important role in encouraging business to behave in an ethical manner?…

Q: List the characteristics of the four different types of market structures and give an example of…

A: Answer: Market structure can be divided majorly into four categories, it includes, perfect market,…

Q: Which of the following is NOT characteristic of a capitalist economy? Group of answer choices…

A: The activities that are related to production, sale, consumption and exchange of resources between…

Q: What are the disadvantages of free Enterprise capitalist economy

A: Free Enterprise capitalist economy  The free market commonly referred to as capitalism or free…

Q: What aspects & principles characteristic of non-market systems are important in our market economy?

A: A non-market system is an administered price system in which the prices of properties are set by an…