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American Economy|A1 Sample answer
American Economy|A1 Sample answer

... reasons for this economic boom and it undoubtedly prompted huge societal changes as well. The end of the Second World War was the spark for this explosion of prosperity. America had enjoyed the economic benefits of war (full employment, increased productivity and development) without having to deal ...
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... - consumers directly inform and reward those who have correctly anticipated consumer wants HOW will we produce it? - the how is answered by the competition among producers - the market forces producers to use cheaper methods of production - again, consumers are the driving force as they seek competi ...
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... GDP and Human Capital SS7E7 The student will describe factors that influence economic growth and examine their presence or absence in Israel, Saudi Arabia, and Iran. a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). Human capit ...
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HISTORY OF ECONOMIC THOUGHT

... the ideological starting material for opposing views of both contemporary neoclassical (mainstream capitalism) and Marxian or socialist economic thought. Based, on this perspective, Smith has not only been considered by many of today's economic scholars as the father of modern capitalism but also of ...
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CH02-Econ - Oakton Community College
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Proverbial Capitalism

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title slide - De Anza College

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Chapter 006 notes

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... will be met as individuals seek their own self-interest. Example: Society wants fuel efficient cars… • Profit seeking producers will make more. • Competition between firms results in low prices, high quality, and greater efficiency. • The government doesn’t need to get involved since the needs of so ...
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Production for use

Production for use is a phrase referring to the principle of economic organization and production taken as a defining criterion for a socialist economy. It is held in contrast to production for profit. This criterion is used to distinguish socialism from capitalism, and was one of the fundamental defining characteristics of socialism initially shared by Marxian socialists, evolutionary socialists, social anarchists and Christian socialists.This principle is broad and can refer to an array of different configurations that vary based on the underlying theory of economics employed. In its classic definition, production for use implied an economic system whereby the law of value and law of accumulation no longer directed economic activity, whereby a direct measure of utility and value is used in place of the abstractions of the price system, money and capital. Alternative conceptions of socialism that don't utilize the profit system such as the Lange model involve the use of a price system and monetary calculation.The central critique of the profits system by socialists is that the accumulation of capital (""making money"") becomes increasingly detached from the process of producing economic value, leading to waste, inefficiency, and social issues. Essentially it is a distortion of proper accounting based on the assertion of the law of value instead of the ""real"" costs of the factors of production, objectively determined outside of social relations.
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