Illustrate the characteristics of the Market System
Illustrate the characteristics of the Market System?
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Most of the private property Private individuals and firms own (land and capital):-
1. Private property, coupled with the freedom enables individuals, to discuss binding, legal contracts and businesses to acquire exploit, control and organize of this property.
2. Private property rights encourage innovation, venture, maintenance of property, exchange of assets as well as economic growth.
3. Property rights extend to intellectual property through copyrights, patents as well as trademarks.
Explain the statements: The market system not only accepts self-interest as a fact of human existence.
“The best of all probable worlds is one in that we adopt policies which maximize the happiness of the lots number of people” is a statement of the utilitarian philosophy attributed to: (w) Alfred Korzybski. (x) Hugo Grotius. (y) Xenophon.
This is difficult for firms within highly competitive markets to exploit consumers since: (i) consumer advocates organize boycotts that generate bad publicity. (ii) market pressures force fair distributions of products. (iii) the government sets price
Elucidate various national currencies of foreign exchange market?
Importance of Economics:Economics has become one of the major branches of social sciences. This is of enormous practical value in our day by day life. In pure sciences, we study the subject
Explain the volume and pattern of U.S. and World Trade?
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Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Describe what do you mean by European Describe what do you mean by European Union (EU)?
Describe what do you mean by European Union (EU)?
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