What type of behavior does a capitalist economic system encourage? What is economic governance? What is a political economy approach? What is an economic depression? What is economic income? What is capital in economics? What type of economic system does Sweden have?
What is the break-even price in economics? What is a recession in macroeconomics? What is a price war in economics? What is a capitalist economy? What are the types of economies of scale? Explore our homework questions and answers library Search Browse Browse by subject...
The terms “capitalist economy” and “free market economy” are often used interchangeably, but there are differences, at least in the theories that underpin them. In both, the law of supply and demand is allowed to determine the goods and services that are produced and the prices that ar...
Many illegal markets exist in economically developing countries with planned orcommand economieswhere the government controls the production and distribution of goods and services. When there is a shortage of specific goods and services in the economy, members of the illegal market step in and fill t...
A transaction in a capitalistic economy allows buyers and sellers to agree on the prices of goods and services. According to Oxford Dictionaries, capitalism is: “An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than ...
industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.” Therefore, creative destruction is the replacing of long-standing practices or procedures with more innovative, disruptive practices in capitalist ...
A pure market economy has no barriers to economic exchange: you can sell anything to anyone else for any price. In reality, this form of economics is rare. Sales taxes, tariffs on imports and exports, and legal prohibitions—such as the age restriction on liquor consumption—are all impedime...
is democracy. I was told democracy has to do with the system of government. Capitalism has to do with the system of economy. And that you can have have democratic countries that are socialists and you can have communist countries that are capitalist...they are not dependent upon each other...
The term “knowledge economy” was first coined in the 1960s by Peter Drucker. The management consultant used the term to describe a shift from traditional economies, where there was a reliance on unskilled labor and primary production, to economies reli
Recessions happen—that’s just the price of doing business in a capitalist system. Knowing when one will happen, obviously, confers a lot of benefits to societies, businesses, and individuals. But foretelling the future is always a risky and uncertain proposition. As the old joke goes, ...