Question 1
10
There are two types of market philosophy, namely the libertarian and the utilitarian. Howev
unlike the libertarian market philosophy, the utilitarian version entails this outcome:
(a) That the majority of people benefit from the (capitalist) economic system in question.
(b) An unconditional ban on mandatory taxation.
O (c) That the wealth of the nation is concentrated on the hands of the few, thereby benefitting an elite.
Question 2
10 pt

Utilitarianism and libertarianism present differing market philosophies impacting economic systems with a focus on enhancing utility versus protecting individual rights.

Explanation:

Utilitarianism and libertarianism are two contrasting market philosophies that impact economic systems. Utilitarianism focuses on enhancing overall utility through cost-benefit analysis, prioritizing policies where benefits exceed costs. On the other hand, libertarianism advocates for individual rights protection and limited state interference even if it does not maximize social utility.

By embracing a utilitarian approach, governments aim to assess policies based on their ability to enhance the well-being of the majority, while libertarianism emphasizes individual liberties and minimal state intervention. These contrasting ideologies shape economic structures and policies influencing wealth distribution and societal welfare.

The belief in free market economies or capitalism emphasizes allowing markets to operate freely, determining prices and choices through competition. This system, influenced by figures like Adam Smith, is seen as efficient as it offers various choices and determines the most efficient prices through market competition.

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