What does Joseph Schumpeter mean by “Creative Destruction”? Please give examples from the period of 1865 to 1930.

Q: In some countries the government makes most of the decisions about what will be produced, how it…

A: We have limited resources, but unlimited wants. Everyone wants more house, more water, more…

Q: What would be another example of a “system” in the real world that could serve as a metaphor for…

A: Economics is a social science subject. Understanding the subject gives a  brief idea regarding how…

Q: A point inside a production possibilities frontier?

A: Production Possibility Frontier: It refers to the graphical representation of various possible…

Q: Scarcity means that

A: Human wants are unlimited, and the resources to satisfy these needs are limited. This limitation in…

Q: Describe the types of economic systems.

A: The macroeconomics is the part of the economics which studies the economy as a whole. It studies…

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: Provide a definition of “technological capability” and “social capability”, and describe the…

A: In an economy, capabilities explains the ability of the society to deal with the specfiic issue to…

Q: Islam gives complete freedom to economic enterprise with ________ a. None of the options b.…

A: Answer Option 'C' is correct.   Islam gives complete freedom to economic enterprise with some…

Q: Issues/problems of economy as a social institution? Explain and add a solution to that problem.

A: Issues and the problems identified in the economy as the social institution are the…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: What is the main difference between free-market systems and planned systems?

A: A market is a gathering area where people can come together to exchange products and services.…

Q: Apply core economic principle in business decision making

A: Core economic principles in economics are the one that sets the fundamental truth about the subject…

Q: What is a social economy? Why is it considered to be happening already?

A: Economies are classified into different types based on the economic activities performed by the…

Q: What are the differences in the way a market process vs. a command process attempt to deal with the…

A: Basic problem of scarcity means availability of limited resources against unlimited wants of human…

Q: Use a production possibilities frontier to describe the idea of "efficiency"?

A: Production is efficient if it is produced at production possibility curve.

Q: What are some examples of a command economy? Market Economy?

A: In a command economy, macroeconomic and political contemplations decide resource allocation. Command…

Q: What are the three categories of paradigms?

A: A paradigm is a comprehensive belief system, world view or framework that guides research and…

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: According to the invisible hand concept, the best way for a society to encourage the creation of…

A: As wants and desires of the individuals in the economy are unlimited but resources available to…

Q: Do you think a free market or a command economy is more likely to encourage productive and…

A: Command economy and free market are two opposite firms of an economy because command economy is the…

Q: Evaluation for Production Possibilities Frontier

A: The economics as a study is based upon the idea that there is a limit to the resources which are…

Q: Is there a change in the resources available to society? explain why.

A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…

Q: Based upon those notions of self-interest and public interest and the bringing of both into harmony,…

A: With market economy,certain problems can occur,if there is no government intervention…

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

A: Economics refers to social science dealing with the generation, distribution, and the consumption of…

Q: What are the pros and cons of traditional economy?

A: ‘Traditional economy’ relies on custom & history. It assumes that all people are ‘rational’.…

Q: In a market system, provide an example for when government can enhance or harm any of the processes…

A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…

Q: How do Mankiw’s ten principles connect with Baumann’s ten principles

A: Mankiw's principles and Baumann translation of those principles are interlinked to each other.…

Q: Which structure demonstrates a culture of consumption? O a mall O a Native American adobe home O a…

A: Answer- Need to find- Which structure demonstrates a culture of consumption  Evaluating the…

Q: What is an example of a problem in the world today, not mentioned in the chapter, that has an…

A: The economic dimension deals with all of the event firm and individual event's economic…

Q: Why is private property and competition are the most important to a capitalist economy? Support your…

A: Capitalist economy is the economy in which majority of resources are owned by the private party.  In…

Q: Can parallels be drawn between biological evolution and the evolution of economic systems?

A: An economic system is a way for government or societies to coordinate and distribute capital,…

Q: How should we deal with the problem of scarcity?

A: Scarcity:- Scarcity refers to condition of not having enough resources to fulfill our wants. Problem…

Q: Which of the following is an example of economic scarcity? College students only have enough time to…

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: What do we mean when we say individuals are both products and producers of society.

A: A producer is defined as an individual who creates and supplies the goods and services in the…

Q: What is the production possibilities frontier?    A. a map that shows areas of the world in which…

A: Economics relates to the organization of money, business, and industry.

Q: How does a market economy solve the what, how, and for whom to produce problems?

A: What to produce, how to produce and for whom to produce are three basic economic questions or…

Q: What are examples of society's widely accepted economic goals?

A: Economic goals: - Economic goals are the desired conditions of the people of a country which improve…

Q: What are the key takeaways from Shumpeters’s economic change on the creative destruction…

A: Creative destruction is the demolition of long-standing practices to make way for innovation, and it…

Q: Describe three different kinds of economic systems.

A: Different kinds of economic systems include;    1. A command economy    2. A market economy   3. A…

Q: According to our reading, what does the term Creative Destruction mean? Multiple Choice None of the…

A: Destruction: It means the act of demolishing something.

Q: A large, hardworking population was important for Mercantilism. Why?

A: Mercantilism was a practice of trade practiced in  in the 16th till 18th century. This practiced in…

Q: What are the types of economic systems? How will you differentiate Command from a Market economy?

A: There is scarcity of resources across the world. These scarce resources undergoes through a…

Q: Choose the one that is correct about capitalist economic system. a. Private ownership of factors of…

A: . The main features of capitalism are economic freedom, voluntary exchange, private property rights,…