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A socialist economic system eliminates unemployment by employing all able workers. If there is a surplus of workers, average working hours are reduced. The reduction in wages is made up to each individual worker through owning a share of industry (public ownership of the means of production).
In effect, while a capitalist economy suffers unemployment from increasing automation, a socialist economy could just reduce the average working day for each worker while maintaining full employment.
What else can I help you with?
What would be the economic system for theocracy?
Socialism
Does unemployment contribute to your economic system?
Yes, unemployment can have significant effects on an economic system. High unemployment often leads to decreased consumer spending, which can slow economic growth and reduce overall demand for goods and services. Additionally, it can strain public resources as more individuals rely on government assistance. However, some level of unemployment is considered normal in a healthy economy, as it can reflect labor market dynamics and allow for job transitions.
The economic system which combines both captialism and socialism is called?
mixed system
Economic system where production operates for the public good?
Socialism
What are three main economics for economic system?
There are 3 main economics for economic system which are given below: 1.) Capitalism economic system 2.) Socialism economic system 3.) Mixed economic system .
What would be the economic system for theocracy?
Socialism
Is socialism a core political ideal?
No, socialism is an economic system with specific economic models. It is not as much a political ideal as it is an economic system intended to lead to certain social outcomes.
The economic system which combines both captialism and socialism is called?
mixed system
What type of political system has collective government ownership of the economic system?
Socialism
Economic system where production operates for the public good?
Socialism
What are three main economics for economic system?
There are 3 main economics for economic system which are given below: 1.) Capitalism economic system 2.) Socialism economic system 3.) Mixed economic system .
Should socialism be capitalized?
No, because it is not a proper nou n.
What is the economic system that promote economic equality?
Not everyone agrees about which economic system best promotes economic equality. Those who advocate for socialism often argue that it's the fairest economic system.
When is an economic system successful?
full unemployment rates
What will always exist in any economic system?
UNEMPLOYMENT.
What publicly controlled economy is nearest to a mixed economic system?
socialism
What type of economic system usually includes communism and socialism?
command
