identify and describe at least three key elements of capitalism that you would see in a market or mixed economic system.

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17-12-2022
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identify and describe at least three key elements of capitalism that you would see in a market or mixed economic system.

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Tutorconsortium704 Tutorconsortium704 · Answer 1 · 2022-12-23T04:21:19+01:00

The case for capitalism is made up of three key elements, each of which may stand alone even though they are interconnected in important ways. These three components are economies of scale based on knowledge, impersonal trade based on pricing, and division of labour.

What is capitalism ?
In a capitalist economy, the means of production are owned by private organisations. Entrepreneurship, capital goods, natural resources, and labour make up the four components. Through corporations, the owners of capital assets, raw materials, and the free market exercise power. Labor is owned by the individual.

The case for capitalism is made up of three parts, each of which may stand alone even though they are interconnected in important ways. These are the three components are

division of work : To say that division of labour has been the cause of all advances in income from the dawn of time is only a small simplification. We don't have much things if the four of us generate everything we need separately. Some of us might not make it as we stutter along on the verge of sustenance.
Price-based impersonal trade : The frenzied production of capitalist riches eventually exceeds the capacity of the city walls. Because the institutions of transportation and banking hampered regional commerce and rendered international trade impossible, city-states were for centuries the primary constraint on the division of labour. Within the city-state, there was trade and exchange, and larger city-states were wealthier because they could accommodate greater division of labour.
scale economies based on knowledge : When a new method of doing something or a new way to service customers is discovered, the findings are quickly shared across the system. Entrepreneurs are currently slaving away in search of information on millions of dimensions, some enormous and others minor. Any advancement in technology or extension of the methods by which liquid capital may be used to produce physical capital directly raises the standard of living on Earth. This phenomenon is known as a "economy of scale" in economics, and it refers to the speed with which specialisation and enhanced social capital in the form of discoveries spread around the world as force multipliers for labour and businesses.

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