Compare and contrast the two major economic systems. Identify a shortcoming of each system
What will be an ideal response
(1 ) Capitalism is based on the private ownership of the means of production, the pursuit of profit, and market competition. Pure capitalism, also termed laissez-faire capitalism, exists when market forces operate without government interference. Welfare or state capitalism, exists when the means of production are owned by private citizens to pursue profit, but they must operate under market restraints that limit what they can produce or sell. This system of laws is designed to protect the welfare of the population. One of its major shortcomings, however, is that it increases the levels of economic inequality in society.
(2 ) Socialism is based on the public ownership of goods and services without a profit motive. Everyone works for the government, and a central committee decides what will be produced, how many of each product will be produced, the cost of the product, and where it will be distributed. While there is greater economic equality in a socialist economy, it does not often respect individual rights. Central planning is often inefficient, and the system does not allow for production of much wealth.
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b. conducting scientific tests and measurements of reality. c. viewing reality? or ways an observer may view, organize and interpret reality. d. determining the correct way to understand reality.
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A. lower performance on the test B. no change on test scores C. a slight increase in test scores D. a large increase in test scores
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a. abortion b. age at entry into sexual unions c. voluntary abstinence d. breast-feeding
Which one of the following statements is true regarding the subjects of Adler and Adler's study of self-injurers?
A. Most begin injuring in secret. B. Most were driven to it by major stresses in their lives. C. Their behavior is carefully planned. D. They are a homogeneous group.