midterm - Avishkumar Patel Prof, R. Powell Feb 14, 2010...

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Avishkumar Patel Prof, R. Powell Feb 14, 2010 Midterm Ans 1) Yes Capitalism can lead to human happiness. Capitalism is an economic and social system in which capital, the non-labor factors of production, is privately controlled; labor, goods and capital are traded in markets; and profits distributed to owners or invested in technologies and industries. Today, in the most modern world the world richest nations have more capitalism than the communism. If a country has more of communism than the people will have more chance of getting less quality products and services, because of absents of the competition. As there will be no competitor, there will be no new inventions or fewer inventions as compare to capitalism. People will also have fewer opportunity of starting a business in communism, because in communism everything is controlled by government. As a result there will be less comfort. Capitalism can bring in more opportunities for the people of the nation to earn. As it brings in opportunity, more people will join in the business industry and as a result it will bring in competition. So to maximize the profitability companies will come out with better quality product and affordable pricing range. More people will be able to get better quality products with affordable prices, instead of buying inferior quality products or not being able to buy due to less income. Also, because of the competition companies will increase their R&D projects to overcome the competitors. As a result, people will be able to get better quality products and their life standard will go up and ultimately, it will lead to human happiness. Here is the one of the real example of capitalism. In India 20 years ago, telecommunication was controlled by government. At that time, people were only getting the service of landline phones only and
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few big cities got facilities of dial up internet. People had to wait for at least two months to get a new landline phone at home, after they make applications at city’s phone service center by waiting in lines for hours. Sometimes people have to pay bribe to get a landline phone. After the phone line was set up the voice quality was very good. If the phone line gets any problem than it used to takes months to get it
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This note was uploaded on 09/20/2011 for the course BBA 101 taught by Professor Avish during the Spring '11 term at Northern Virginia.

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midterm - Avishkumar Patel Prof, R. Powell Feb 14, 2010...

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