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Economic system in which individuals control the factors and means of production is called?
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∙ 14y ago
Free Enterprise
Wiki User
∙ 14y ago
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What is a system in which individuals own factors of production and make economic decisions?
mixed economy
What economic system is based on government control of all factors of production?
communism
What type of system is free enterprise system?
Individuals are free to won and control the factors of production
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
What does interprising mean?
individuals are free to own and control the factors of production.
What is a system in which individuals own factors of production and make economic decisions?
mixed economy
What does freedom interprise mean?
individuals are free to own and control the factors of production.
What economic system is based on government control of all factors of production?
communism
What type of system is free enterprise system?
Individuals are free to won and control the factors of production
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
Economic resources are also known as?
Factors of production.
Factors of production history?
Factors of production are essential conditions or resources that favor economic production, and include land, labor, entrepreneurship, and capital.
In the circular flow model economic resouces is both production and the factors of production?
True
In the circular flow model economic resources is both production and the factors of production?
truetrue
Which of these describes management?
individuals who decide how the factors of production should be used. A+
