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A system in which the government both supports and regulates private enterprise is a?
mixed economy
Is mercantilist school of thought relevant today?
The mercantilist school of thought, which emphasizes the importance of government intervention in the economy to enhance national wealth and power through trade surplus, remains relevant today in certain contexts. Many countries still engage in protectionist policies, tariffs, and subsidies to support domestic industries, reflecting mercantilist principles. Additionally, discussions around trade imbalances, economic nationalism, and strategic resource management echo mercantilist ideas. However, the global economy's complexity and interdependence often challenge pure mercantilist approaches, leading to a more nuanced application of its tenets.
The difference between a command economy and a demand economy?
A command economy is a private business that the government does not support. It is purely driven by consumers. They decide on what is produced. A demand economy is a business where only the government decides what is produced. There is also something called a mixed economy and that is when the government supports private businesses and decides what is produced for them.
What actions should the government take if the economy is in an inflationary period?
During an inflationary period, the government should consider taking actions such as increasing interest rates, reducing government spending, and implementing policies to control the money supply. These measures can help to curb inflation and stabilize the economy.
What is an economy in which the government supports and regulates free enterprise three decisions that affect the marketplace?
An economy in which the government supports and regulates free enterprise is known as a mixed economy. In this system, the government intervenes to ensure fair competition, protect consumers, and address market failures through regulations and policies. Key decisions that affect the marketplace include setting minimum wage laws, imposing regulations on industries for safety and environmental protection, and implementing fiscal policies such as taxation and government spending to influence economic activity. These actions aim to balance the benefits of free enterprise with the need for social welfare and economic stability.
A system in which the government both supports and regulates private enterprise is a?
mixed economy
Is mercantilist school of thought relevant today?
The mercantilist school of thought, which emphasizes the importance of government intervention in the economy to enhance national wealth and power through trade surplus, remains relevant today in certain contexts. Many countries still engage in protectionist policies, tariffs, and subsidies to support domestic industries, reflecting mercantilist principles. Additionally, discussions around trade imbalances, economic nationalism, and strategic resource management echo mercantilist ideas. However, the global economy's complexity and interdependence often challenge pure mercantilist approaches, leading to a more nuanced application of its tenets.
The difference between a command economy and a demand economy?
A command economy is a private business that the government does not support. It is purely driven by consumers. They decide on what is produced. A demand economy is a business where only the government decides what is produced. There is also something called a mixed economy and that is when the government supports private businesses and decides what is produced for them.
How does government spending contribute to the circular flow of US economy?
It supports businesses by purchasing goods and services.
What actions should the government take if the economy is in an inflationary period?
During an inflationary period, the government should consider taking actions such as increasing interest rates, reducing government spending, and implementing policies to control the money supply. These measures can help to curb inflation and stabilize the economy.
When the Federal government uses taxation and spending actions to stimulate the economy it is conducting?
fiscal policy
England's economic system between 1651 and 1733 could best be described as?
Mercantilist is what the British economic system was between 1651 and 1733. This type of system used government regulation of the economy.
What does the government control in a centrally planned economey?
Everything that involves money. In China they have planned economy and the government carefully checks every business, taxes them and sometimes supports them.
What are some advantages and disadvantages of an absolute government?
An absolute government helps provide a safety net for the economy. The disadvantages are that it controls everything in our lives, from our actions to our opinions.
Who were the physiocrats?
"Physiocrat" was a term used in France during the French Revolution to describe the economic reformers who encouraged the government to simplify the tax system and remove the mercantilist constraints from the economy. An example of a mercantilist constraint is control on the price of grain which had been imposed to keep the cost of bread low. The physiocrats claimed that this interfered with the natural workings of the market. From that example, you get the idea that a physiocrat is an economic reformer who aims for a freer economy, like the French revolutionary aiming for more liberty and justice.
What is mercantilist theory?
Mercantilist theory is an economic policy that emphasizes the accumulation of wealth through maximizing exports and minimizing imports. It promotes government intervention in the economy to protect and promote national interests, such as establishing colonies and imposing tariffs. Mercantilism was prominent in Europe during the 16th to 18th centuries.
What are people who develop ideas that explain how the economy works known as?
Such people are generally known as Economists. There are many varieties of economists, like Neo-Classical, Keynesian, Marxist, Mercantilist, Physiocratic, etc.People who develop ideas that explain how an economy works are called economists.
