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Study with Quizlet and memorize flashcards containing terms like what is the purpose of an economic system?, what question is not included in the neoclassical definition of economic systems?, who answers the three questions under the neoclassical economic system in a market economy and more.
Capitalism, system of private property and free markets, makes freedom possible. -core liberty isthe right to have property and rise of maximum potential through participation in the market.
Capitalism differs from slavery because under capitalism: - nobody has to work for someone else - everyone has equal economic power - workers regularly cannot find work - None of the above workers regularly cannot find work
The neoclassical interpretation of what profit is. Capital is the third input into production, and profit is a payment to a factor service, similar to wages. Capital is not physical units of capital but rather the monetary value of these units. What an indifference curve and a budget line are.
Quote 1: "Capitalism does not permit an even flow of economic resources. With this system, a small privileged few are rich beyond conscience, and almost all others are doomed to be poor at some level. That's the way the system works.
Capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands. Which statement accurately describes capitalism? Industrial capitalism is characterized by pools, trust, holding companies and an interpretation of banking, insurance and industrial interest.
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Lenin believed that capitalism was able to postpone its crisis by: exploiting LDCs through imperialism. The MOdern World System theory looks at capitalism as: the capitalistic interactions of core, semi-periphery, and periphery. How does neo-imperialism differ from classical imperialism?
