WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
ROBBER BARONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pride
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Wealth
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Profits
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Being an employer
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Detailed explanation-1: -Incentives are important to economics for two reasons: how people respond to them and how they are created and used. People tend to respond predictably to incentives. Businesses and government institutions know this and use incentives to encourage certain behaviors.
Detailed explanation-2: -Entrepreneurship Accelerates Economic Growth Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.
Detailed explanation-3: -In a capitalist economy, there is an incentive for technological and R&D development. We can expect a higher degree of efficiency and innovation in a capitalist economy than any other economy.