CAPITALISM AND DEMOCRACY: AFFLUENCE, INEQUALITY, AND THE ENVIRONMENT - The capitalist revolution
7 important questions on CAPITALISM AND DEMOCRACY: AFFLUENCE, INEQUALITY, AND THE ENVIRONMENT - The capitalist revolution
How do we define a capitalist economy?
1. private property: the right and expectation that one can enjoy one's own choosing, exclude others from their use, and dispose of them by gift or sale to others who then become their owners.
2. market: A way of connecting people who may mutually benefit by exchanging goods or services through a process of buying and selling.
3. firm: A business organization which pays wages and salaries to employ people, and purchases inputs, to produce and market goods and services with the intention of making a profit.
What are some characteristics of an market
they are voluntary (because they are private properties)
In most markets there is competition
Markets are cooperative ( working together)
What is a reason that the pace of capitalism has increased for working people?
2. Ability to adapt
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Why is it true that we become better at producing things when we each focus on a limited range of activities?
Learning in ability: Some people are better at producing things then others
What is an essential condition for the operation of markets?
How can capitalism lead to creative destruction?
How did capitalism result in the accumulation of capital goods?
The question on the page originate from the summary of the following study material:
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- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
