(Answered) Concept of time play a role in economics

Economics

Problem:

Question 1. According to Skousen, Adam Smith did not describe the free market using the term Capitalism. If Karl Marx used the term "Capitalism" to describe the free market, then is the concept of capitalism Marxist?

Question 2. Is the idea of class differentiation consistent with the ideal of a free market system?

Question 3. How does the concept of time play a role in economics?

Question 4. The minimum wage should be raised to an amount that is relative to what a household would consider livable. Please be sure to use resources to support your viewpoints.

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Microeconomics, Economics

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