I guess the correct answer is the narrow view, or invisible hand theory
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The narrow view, or invisible hand theory, holds that producing profit is more important than being socially responsible.
Answer:
The rationale for conducting active policy is the interest of Congress to alter the state of the economy through a deliberate change in established policies.
But in the case of Passive policy, the government permits the status quo.
Active policy relies on the government to enforce it while passive policy does not need the government's interference to work in stabilizing the economy.
Explanation:
The following statements applies passive policy because the economy is expected to stabilize on it's own without the deliberate act of congress influencing it:
- Economic circumstances can change dramatically between the time that an economic downturn begins and the time when policy actions have an effect on the economy.
- Fluctuations in economic output have been less severe since World War II.
The following statements is a rationale for conducting active policy since the government's intervention is required:
- Economists are not very accurate forecasters.
- Increases in government spending generate increases in economic output.
According to the human-capital view, education is an indicator of natural ability. Human capital encompasses assets such as education, training, intelligence, skills, health, and other characteristics valued by employers such as loyalty and punctuality. As such, it is an intangible asset or characteristic that does not (and cannot) appear on a company's balance sheet.
Human capital is thought to boost productivity and consequently profitability. The more a firm invests in its personnel, the more likely it is to be productive and successful. Because not all labor is created equal, firms can develop human capital by investing in employers training, education, and perks.
To learn more about human-capital, click here.
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Explanation:
To understand the basic philosophy behind the four factors of production
Land - Labor - Capital - Entrepreneurship
Lets consider an example:
Someday, just finishing your college, you think of starting a pizza business and you start selling pizza's one day. You might end up making a Pizza brand like Pizza Hut.
Here, in this example, to start your pizza shop, you need a place or area, this is known as Land factor. When you start making pizza, you need someone to work in that shop, (or if you doing it by yourself too) there should be at least some human being doing it, this factor is referred as Labor. To start the pizza shop, you need to buy the equipment, taking a shop on rent, or buying it, renovation of the shop etc. All of these things need, of course, Money, which is referred as Capital here. The idea you going to start this business, the courage to make it, definitely makes you an Entrepreneur, in utilizing all other factors effectively and efficiently. Therefore, this is linkage between these four factors of production, and how they fit together.
Because casual is an objective term and what constitutes "casual" attire may drastically differ by company
