Economic Systems
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Economic Systems
Review the material on economic systems in Chapter Ten. Look at Figure 10.2 and answer the following:
1) What are the differences between capitalism and socialism?
2) What are the differences between rational economics and behavioral economics?
3) Explain the US shift from the 1950s-90s rational economics to the 2010 behavioral economics?
For additional information on this question, see the article, The End of Rational Economics, from Harvard Business Review (https://hbr.org/2009/07/the-end-of-rational-economics).
This question needs to be answered with at least 250 words with references and intext citations. I have included the book, and you can include at least 1 outside sources. Please make sure you include the book Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2013). Business ethics: Ethical decision making and cases [9th edition]. Mason, OH: Cengage Learning. I am here if you have questions. This question will probably benefit from outside sources. Thank you in advance.
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