According to Thomas Sowell, what is the role of losses (as opposed to profits) i

Question

According to Thomas Sowell, what is the role of losses (as opposed to profits) in an economy? Why does he regard losses as a necessary and beneficial element in a modern business economy? Losses indicate that the government's tax rates are too high. Losses mean that too many competitors are in the industry and the government must step in and regulate. Losses mean that a business is not meeting the needs of the consumers and thus they signal to a business it needs to change its tactics or product lines. Losses mean that the economy as a whole is depressed (i.e. in a state of recession/depression) Thomas Sowell says that one fact about capitalists owners which often goes unrecognized is that they are the only person whose payment depends on how well the business is doing-everyone else gets paid regardless, because they are under salary/wage contracts(which allows them to sue in a court of law if they are not paid for work performed) True False In describing the virtue of 'independent vision', Edwin Locke says that so called 'experts can be dangerous' and are often wrong is because they are often blinded by their pride and sense of achievement their wealth and high social status has made them lazy and complacent thinkers. they are experts only at what is already known or what has been discovered in the past none of the above. Edwin Locke gives the following quote as an illustration of the.ask of what important virtue of great businessmen? ch often goes on how well their salary/wage experts can be thinkers, covered in the past. "We don't like their sounds, and guitar music is on the way out." (Decca Recording Co. rejecting The Beatles, 1962) Love of Ability in Others Drive to Action Competence and Confidence Independent Vision Which of the following is NOT a component of 'the drive to action', which is a key trait of successful businessmen possess? a. Ambition

Explanation / Answer

33 c) Losses mean that a business in not meeting the needs of consumers and thus they signal to a business it needs to change its tactics or product lines.

34 True

35 a) they are often blind folded by their pride and sense of achievement

36) independent vision

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