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Aa36
Economics
Compare the main differences between the traditional system and the command system in economic theory.
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- Briefly identify and state the significance of each of the following to the History of economic thought, the Holly Alliance of 1815, List, infant industry argument, Roscher, Schmoller, Methodenstreit, Weber, Protestant ethic, R. H. Tawney, Sombart, and Socialists of the Chair.What is “upward and downward causation” in institutional economics?Discuss the differences between capitalist and command economy.
- Is capitalism associated more with a market or command economy? Why would capitalism be able to do "millions of things better" than a centrally planned economy? What things do you think a capitalist society would be more successful at than a centrally planed society?The "Freshwater" school of economic thought is commonly associated with - a. Richard Thaler b. Milton Friedman c. Hyman Minksy d. Paul KrugmanWhat is a characteristic of pure command economies? A The government controls major industries. B The government encourages entrepreneurship. C Production decisions are based on cultural traditions. Production decisions are based on supply and demand. O
- QUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.advanced microeconomics, bargainingIn your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why is it that an entrepreneur with seemingly selfish motives can create benefits for the larger society? Why is this a benefit that arises from capitalism and not from other economic systems?