The U.S. Economy: Private and Public Sectors ANSWERS TO END-OF-CHAPTER QUESTIONS 4-1 4-2 4-3 Distinguish between the functional and personal distribution of income. Which is being referred to in each of the following statements? “The combined share of wage income and proprietary income has remained remarkably stable at about 80 percent since the Second World War.” “The relative income of the richest households is higher today than in 1970.” The functional distribution of income shows
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whether to follow a command or market economy has significant influences on the countries potential and its people. A market economy is one that gives the people the freedom to shape the economy. Countries that have a market economy include the USA‚ Canada‚ and UAE. Command economy on the other hand‚ does the opposite where the government has full control on the economy. The USSR and North Korea both have a Command economy. Both of these types of economies have social goals and strive to benefit
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several different ways. The two main economies that seem to act as basic levels of functioning economies are command economies and market economies. These two economies work in various ways and provide interesting things for consumers and businesses. However‚ even though a command economy and a market economy have various similarities and differences‚ a market economy is ultimately more beneficial for a country. Command economies and market economies have different degrees of government
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and many millions of men and women in the various industries that supported the war effort. There was concern that when the war ended there would be another depression because that war-time employment would end. But that didn’t happen. The wartime economy brought about full employment and‚ in doing so‚ achieved what New Deal programs had been unable to do. In 1940‚ there were 8 million Americans unemployed. By 1941‚ however‚ unemployment was almost unheard of. There were actually labor shortages in
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Early Childhood Education in China vs. the United States As a person born and raised in the United States and whom is currently working as a toddler teacher in the early childhood education system of the United States‚ it is interesting to compare similarities and differences as well as the strengths and weaknesses between the early childcare in the U.S. and China. When familiarizing myself with the early education in China‚ I was prepared to find vast differences in the way that the schools
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The major difference between a command economy and a market economy is that a command economy is told what to do by the government. A market economy does things for the people‚ the people decide what they want. The command economy is told what to produce‚ who to produce to‚ and how to produce by the government. The market economy is told is told what to produce‚ who to produce to‚ and how to produce by the people. I think that profit is the best one because you will still have money left over after
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In 1980‚ the economies of China and India were almost the same in terms of gross domestic product (GDP). India’s GDP per capita was‚ in fact‚ slightly higher than that China. Then‚ the Chinese economy grew at an average rate of 10 per cent between 1980 and 2010‚ leaving India behind. In fact‚ Chinese manufacturing sector is presently eight times the size of India’s. Points against China / for India: Better Labour Workforce: According to a leading human resource consultancy giant Manpower Group
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China V.S. Africa From 600 to 1450 BCE the life of the Chinese and the life of the African had a good amount of similarities and differences politically‚ socially‚ and economically. Much like many other places over the world trade and advances in technological studies dominated both economies while religion differences and women’s rights (aka gender roles) dominated their social life. All while this was going on‚ social classes dominated their political systems. Both China and Africa were
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The differences between Australia and China Australia and China are known to be different in almost every characteristic According to Hofstede’s Cultural dimensions. These two countries are different in all the five aspects‚ which are‚ individualism‚ power distance‚ uncertainty avoidance‚ masculinity and long term orientation. Begin with China; Chinese people are very collectivism as they like to do things in group‚ high in power distance as inequality is considered to be normal and low score
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Free market economy stimulates greater economy growth‚ whereas state-directed or command economy stifles growth. Discuss. An economy can be defined as the production of the nation in a period and consumption of goods and services. The two main systems of economy are free market economies and command economy. There are lots of arguments about which is better for the growth of nation’s economy. This essay is about both the two economic systems and how they impact the growth of economies‚ it will be
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