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Production will be allocated to those with available resources and a willingness to purchase the output of production. These purchases then become information for suppliers in determining what and how much to produce in the future.
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What Economic system in which the means of production and distribution are privately owned and operated for profit under competitive conditions?
the answer is : Capitalism
What does the economic system in which the means of production and distribution are privately owned and operated for profit under competitive conditions?
Capitalism
What is the economic system in which the means of production and distribution are privately owned and and operated for profit under competitive conditions?
Capitalism
Economic system which government controls the factors of production for the public good?
Under state capitalism, the government controls the means of production. But this is for the benefit of the ruling class, not for ‘the public good’.
IN WHAT do capitalism and socialism differ?
Capitalism allows for more freedom for businesses than socialism does
What Economic system in which the means of production and distribution are privately owned and operated for profit under competitive conditions?
the answer is : Capitalism
What does the economic system in which the means of production and distribution are privately owned and operated for profit under competitive conditions?
Capitalism
What is the economic system in which the means of production and distribution are privately owned and and operated for profit under competitive conditions?
Capitalism
Why capitalism is dominant mode of production?
because capitalism is one of the biggest business in whole country and that is why is dominant mode of production
What does capitalism encourage?
Competition Innovation in Production
What is the main idea about communism and capitalism?
Capitalism: ownership of the means of production by a tiny minority, production for profit, wages system. Communism: common ownership, production for use, free access.
What is the difference between absorption costing and direct costing?
Under absorption costing overheads are allocated to production based on predetermined overhead rates like machine hours, or direct labor hours etc while in direct costing overheads are allocated based on activity performed and relationship with production units.
Economic system which government controls the factors of production for the public good?
Under state capitalism, the government controls the means of production. But this is for the benefit of the ruling class, not for ‘the public good’.
IN WHAT do capitalism and socialism differ?
Capitalism allows for more freedom for businesses than socialism does
What are the four factors of production in capitalism?
the fourth kind
Is Romania socialist or capitalist?
capitalism: wages, production for sale, class ownership of the means of production
Who owns the mean of production in capitalis?
Under a capitalistic economy, the ownership of the means of production is in the hands of non-governmental corporations. Most are publicly owned by citizens. Capitalism has proven to be the cornerstone of economic growth.
