Compare and contrast the economic models of capitalism and socialism. Use the ideas of Adam Smith and Karl Marx in your answer
What is an Ideal response?
• According to the Scottish economist Adam Smith, the pursuit of self-interest has widespread benefits because as people are guided by their self-interest, an economy ends up producing the greatest good for the greatest number of people.
• Karl Marx claimed that capitalism's private ownership of productive property is what creates unequal social classes. By putting the means of production (such as factories and other productive property) in private hands, the capitalist economy serves the interests of these owners.
You might also like to view...
Emile Durkheim described the social ties commonly found in traditional, rural areas as
a. Gemeinschaft. b. mechanical solidarity. c. Gesellschaft. d. organic solidarity.
Which of the following is a benefit of traditional gender roles?
A) They provide stability and continuity. B) They encourage men to help out with household chores. C) They allow men to spend lots of time with their children. D) They encourage women to take part in activities other than domestic work.
A cohort is a group of people who
a. don't mind answering surveys. b. are all likely to provide the same answers to survey questions. c. have an event or experience in common. d. are likely to be very difficult to track for follow up surveys. e. meet at least once a year.
In order to compute the range of a group of scores, one must
A) subtract the lowest score from the highest score. B) multiply the lowest score by the average. C) multiply the highest score by the average. D) subtract the lowest score from the highest and divide by N.