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The economic system in which the government redistributes wealth based on need is known as socialism. In socialism, the state often intervenes in the economy to ensure that resources and wealth are distributed more equitably among the population, aiming to reduce inequality and provide essential services to all. This can involve taxation, social welfare programs, and public ownership of key industries. While socialism emphasizes collective well-being, its implementation can vary widely, influencing the degree of government involvement in the economy.
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What is a chief goal of an economic system?
wealth
Which economic system says government should control all land and wealth?
in a Communist or command economy the government decides where people live what jobs they will preform and their income. thy also control all land and wealth.
What economic system was described in the book wealth of the nations?
impiralism
Which is the economic system that equates a nations wealth with amount of its gold and silver?
Mercantilism is the economic system that equates a nations wealth with the amount of its gold and silver. Mercantilism was in effect from the 16th to 18th century in France.
What was Marx's argument for government intervention in capitalism?
Marx argued that government intervention in capitalism was necessary to address the inherent inequalities and exploitative nature of the capitalist system. He believed that capitalism leads to the concentration of wealth and power in the hands of a few, resulting in the oppression of the working class. By intervening, the government could implement policies that redistribute wealth, protect workers' rights, and promote social welfare, ultimately paving the way for a transition to socialism and the dismantling of class structures.
What does it mean to redistribute the wealth?
To redistribute wealth means to bring equality to everyone in wealth. To achieve this, the government for example, will tax the wealthy to provide for the poor. That is what it is to redistribute wealth.
Which economic function does the government use a process such as income redistribution to assist poor or handicapped?
The government uses welfare programs and tax structures to redistribute wealth to assist the poor and handicapped. The government also invests money to subsidize education and amenities for the poor.
What is a sentence using the word redistribute?
Robin Hood stole from the rich to redistribute money to the poor.If I redistribute my homework, I can focus on reading the lessons.The teacher had to redistribute a new test after he found out a student cheated.
Which economic system says government should control all land and wealth and that government should be in the hands of just one political party?
Capitalism
What is a chief goal of an economic system?
wealth
Which economic system says government should control all land and wealth?
in a Communist or command economy the government decides where people live what jobs they will preform and their income. thy also control all land and wealth.
Are taxes political or economic?
Taxes are both political and economic. Politically, tax policies are often shaped by the priorities and values of the government in power. Economically, taxes serve to generate revenue for the government to fund public services, redistribute wealth, and influence behavior in the economy.
One main purpose of the Townsend Plan was to?
Redistribute wealth.
Did Karl Marx believe in the concept of redistribution of wealth?
Yes, Karl Marx believed in the redistribution of wealth as a core tenet of his political and economic philosophy. He argued for the redistribution of wealth to address economic inequality and advocated for the abolition of private property in order to create a more equitable society.
How was wealth displayed during the feudal system?
In the 18th century, Adam Smith, seeking to describe economic systems, effectively coined the forms "feudal government" and "feudal system.
What Roosevelt's acts made an attempt to redistribute wealth?
It was the Revenue Act
What economic system was described in the book wealth of the nations?
impiralism
