Question

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Answer 1

Answer:

part 1. An inferior good is an economic term that describes a good whose demand drops when people's incomes rise. This occurs when a good has more costly substitutes that see an increase in demand as incomes and the economy improve.Consumers also have a say in what goods shall be produced. Bricks are a derived demand from houses. Give a Council tax rebate when a house has a garage .

part 2.Capitalism is an economic system based on certain principles, like

provision of private property rights, free market economy and allowing

economic agents (consumers and producers) to purse private motives and

self-interest with no or minimal government intervention.

Marx (1867) described socialism as a specific historical phase that will

displace capitalism as a precursor to communism. Socialism did not

promise to make everyone equally well off in economic terms and pay

everyone the same wages and replace market economy in a complete

sense.

First of all, Islam is not just an economic system, but, a comprehensive

doctrine. A comprehensive doctrine is not just concerned with one  

particular aspect of human life; rather it is concerned with all aspects of

human life.

As per Islam, this worldly life is a test for humans. Design of this test

requires human interdependence which then requires difference in ranks,

i.e. endowments, abilities etc.

Explanation: