socialism
For A+ : Socialism
Capital resources equal more goods and services produced in the future, for a higher profit. This is how having more resources increases production and profit in the long term.
Economic profits are not costs of production since the entrepreneur does not require the gaining of an economic profit to keep the firm operating. In economics, costs are whatever is required to keep a firm operating.
Communism is an economic and political system where the government owns and controls all resources and means of production, aiming for equality among all citizens. Capitalism, on the other hand, is a system where individuals and businesses own and control resources and means of production, with a focus on competition and profit.
yes
For A+ : Socialism
Capital resources equal more goods and services produced in the future, for a higher profit. This is how having more resources increases production and profit in the long term.
Economic profits are not costs of production since the entrepreneur does not require the gaining of an economic profit to keep the firm operating. In economics, costs are whatever is required to keep a firm operating.
Communism is an economic and political system where the government owns and controls all resources and means of production, aiming for equality among all citizens. Capitalism, on the other hand, is a system where individuals and businesses own and control resources and means of production, with a focus on competition and profit.
yes
yes
capitolism
Capitalism and communism are two different economic systems with contrasting principles. In capitalism, the means of production are privately owned and operated for profit, with competition driving the economy. In contrast, communism advocates for collective ownership of the means of production and aims for a classless society where resources are distributed based on need rather than profit.
Socialism (A+)
The most important resources or factors of production in economics (with their respective factor rewards in parentheses) are: Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). These factors, combined with management and economic risk taking, combine with other factors (specific to the industry) to produce output.
Socialism
You need to answer this question because we don’t do homework and your teacher is looking for your critical thinking skills and how well you understood the lesson.