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Any time the PPC curve shifts outward it indicates economic growth, however reaching a point outside of an PPC can be reached by using trade.

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How did Social Darwinism parallel the economic doctrine of laissez-faire?

to break this down, the strongest will survive in free trade (this is the easy way to say it). if you have an unstable economy and no central govt. you will fail and will not be able to participate in free-trade (Laissez-fair)


What is parallel economy?

Parallel economy related to the black money or unaccounted money. It causes big loss in the tax revenue for the government.


To be effective what do key choices must be?

parallel


Discuss Factor pricing under perfect competition?

factor pricing means the payments made to various factors of production .for example- land,labour ,capital,entrepreneur gets rent,wages,interest and profit respectively for their contribution in production. under perfect competition supply of labour is perfectly elastic.(i.e. supply curve is drawn parallel to x-axis.). to understand factor pricing ,one needs to get acquainted with marginal productivity theory of production first which states that factors are paid the value of their marginal physical product.price of a factor is determined by its total demand and supply schedules.


How did SoCal Darwinism parallel the economic of laissez-faire?

SoCal Darwinism, which emerged in Southern California during the late 19th and early 20th centuries, emphasized the idea of survival of the fittest in social and economic contexts. This philosophy paralleled laissez-faire economics by advocating minimal government intervention in both markets and social issues, promoting the belief that competition would naturally lead to societal progress. Both ideologies supported the notion that success and failure were inherent to individual capability and effort, reinforcing social hierarchies and justifying economic disparities. Ultimately, they contributed to a culture that celebrated entrepreneurialism while neglecting the welfare of the less fortunate.