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Describe the modern capitalist system. (explain in 10-12 sentences)
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- Give examples and definitions of how these economic terms are used: (Simple definitions) -factory market -opportunity cost -wealth -wants -needs -production possibilities graph -scarcityAdam Smith believed that the ideal capitalist economy is “self-motivating, self-coordinating, and self-regulating.” Give three (3) examples of how, in your view, the U.S. economy departs from Smith’s ideal. Don’t just state the example. Support your points of view. (100 words maximum). Under its former President Hugo Chavez, Venezuela moved from a Capitalist economy to a Socialist economy and has remained so after Chavez’s death. For example, the government took over and now operates a chain of stores that used to be run as a private business. Prices in the government-run stores are lower than prices were in a Capitalist economic system. The government posts signs in these stores like the one below: In case you don’t read Spanish, the sign says: Product Description Diana Oil Fair Price 4.73 Capitalist Price 7.00 Your Saving 32% The implication, of course, is that prices in a Capitalist economy are not fair. Explain whether or not this is true. Be sure to address each of the following in your explanation: 1) how are prices…
- Why does a modern capitalist economic system require the existence of markets?Question 4 In the small outback town of Korweingiboora there is one main street, one mile long, running south to north. All 100 of the townsfolk live along the side of the street, fifty on each side. There are two restaurants, A & B. One restaurant is located one quarter of a mile from the south end of town. One restaurant is located at the end of the main street at the north end of town. Korweingiboorans are willing to pay up to $30 for a restaurant meal. (a) If restaurant A charges $20 for a meal and restaurant B charges $16 for a meal and the cost per mile of traveling for the residents is $10 per mile, draw a diagram depicting the location of the restaurants and the consumer surplus line of each. (b) Draw on the same diagram the location of the marginal customer who is indifferent between purchasing at the two restaurants. (c) Calculate the location of the marginal customer. (d) What is the total price (price + transport cost) paid by the marginal customer? (e) How much consumer…Briefly list and explain each of the eight main shortcomings of the capitalist, free-market capitalist system.
- Economics British American Tobacco (BAT) runs the largest private sector run afforestation program in Bangladesh. BAT Bangladesh initiated its afforestation program in 1980 when the forest department called on the private sector to support its endeavor to conserve the forests. BAT has contributed around 110 million saplings to the country’s afforestation initiative over the last 4 decades. As a large corporation BAT pays a significant amount of corporate tax to Bangladesh Government; recognized as one of the highest income tax paying companies in the country for the tax year 2019-20 in the last five years, the company has deposited more than Tk3,600 crore as Income Tax and Tk88,000 crore as VAT, to the National Exchequer. BAT enjoys the status of being one of the most high profile companies that are doing business in Bangladesh. a) Based on the above provide two reasons, with brief explanations, as to why BAT was involved in the afforestation program?Describe any four economic systems that you know of in your economyAn economic system is an ongoing process whereby people exchange material goods and personal services in support of an entire range of human interests. With concrete examples, discuss the importance of a morally sound economic system. (do not use chegg answers)
- Under its former President Hugo Chavez, Venezuela moved from a Capitalist economy to a Socialist economy and has remained so after Chavez’s death. For example, the government took over and now operates a chain of stores that used to be run as a private business. Prices in the government-run stores are lower than prices were in a Capitalist economic system. The government posts signs in these stores like the one below: In case you don’t read Spanish, the sign says: Product Description Diana Oil Fair Price 4.73 Capitalist Price 7.00 Your Saving 32% The implication, of course, is that prices in a Capitalist economy are not fair. Explain whether or not this is true. Be sure to address each of the following in your explanation: 4. in a Capitalist…Economics is the study of how a society manages its resources toWhat thing is considered as an integral part of the capitalistic economy? One word
