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Why is competition among businesses important in a capitalist economic system?
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Where in the modern free enterprise system can his economic philosophies be seen?
Capitalist countries rely on competition between businesses to set fair prices for goods.
Which of the following is part of the basis of a capitalist economic system?
a. competition
The excerpt below is from Adam Smith and The Wealth of Nations. Which of his economic philosophies can be seen in modern free enterprise systems?
Capitalist countries rely on competition between businesses to set fair prices for goods.
Why is government protection of consumers important in a capitalist economic system?
because it strengthens the economy
Which economic systems has the greatest degree of competition?
Perfect competition. (Many small firms that produce similar products; buyers and sellers have good knowledge of the businesses)
Where in the modern free enterprise system can his economic philosophies be seen?
Capitalist countries rely on competition between businesses to set fair prices for goods.
Which of the following is part of the basis of a capitalist economic system?
a. competition
The excerpt below is from Adam Smith and The Wealth of Nations. Which of his economic philosophies can be seen in modern free enterprise systems?
Capitalist countries rely on competition between businesses to set fair prices for goods.
What is the basic economic function of the us?
promote competition between businesses
What economy has economic freedom competition between businesses and decisions motivated by profit?
Market
Why is government protection of consumers important in a capitalist economic system?
because it strengthens the economy
Which economic systems has the greatest degree of competition?
Perfect competition. (Many small firms that produce similar products; buyers and sellers have good knowledge of the businesses)
Competition among producers helps keep prices down in this type of economy?
In a market economy, the competition between producers helps keep the prices down. This is an economic practice that is based solely on supply and demand.
How did capitalism affect the Industrial Revolution?
Capitalism played a key role in fueling the Industrial Revolution by encouraging entrepreneurship, competition, and innovation. The ability to own private property and invest in businesses motivated individuals to engage in industrial activities, leading to technological advancements and economic growth. Capitalist principles, such as profit motive and free market competition, spurred industrialization and the development of factories and infrastructure.
What type of economic system does Scotland have?
capitalist
The most important driver for economic growth appears to be?
The most important driver for economic growth is infrastructure. If a country has a sound infrastructure then businesses will come and increase the economy.
What is considered a social or economic arrangements is described as being the capitalist's dream?
A monopoly is considered a capitalist's dream.
