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Evaluate the impact of the Industrial Revolution on society, economy, and politics in the 19th and 20th centuries. Analyze the transformation of labor, urbanization, and social structures brought about by industrialization. Furthermore, examine the ideol
You have now learned a lot about the social institutions of labor, economy, education, and health care, and the social problems related to these institutions. Considering what you have learned, in what ways might capitalism be a better economic system than socialism? On the other hand, in what ways might socialism be a better economic system than capitalism?
You have now learned a lot about the social institutions of labor, economy, education, and health care, and the social problems related to these institutions. Considering what you have learned, in what ways might capitalism be a better economic system than socialism? On the other hand, in what ways might socialism be a better economic system than capitalism?
You have now learned a lot about the social institutions of labor, economy, education, and health care, and the social problems related to these institutions. Considering what you have learned, in what ways might capitalism be a better economic system than socialism? On the other hand, in what ways might socialism be a better economic system than capitalism?
Consider an economy with three firms:
• Firm 1 sells $75 of steel to Firm 3. From its earnings, it pays $25 in wages and keeps $50 in profits.
• Firm 2 sells $30 of rubber to Firm 3. Firm 2 pays $10 in wages and keeps $20 in profits.
• Firm 3 sells $240 of cars to households. It pays for its inputs (from Firm 1 and Firm 2); keeps one third of its remaining earnings as profits,and pays two thirds in wages. Let’s calculate GDP various ways.
(b) Calculate GDP as the sum of value added.