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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.
The economic and political system which the government owns almost all major factors of production?
communism
Economic system in which individuals control the factors and means of production is called?
Free Enterprise
In a mixed economy the government is most likely to control the factors of production in which industry?
In a mixed economy, the government is most likely to control the factors of production in key industries that are essential for national security, public welfare, or economic stability, such as healthcare, education, and public utilities. These sectors often require regulation to ensure equitable access and prevent monopolies. Additionally, the government may intervene in industries prone to market failures, such as transportation and energy, to promote efficiency and protect consumers.
Who possesses factors of production in a mixed economy?
In a mixed economy, factors of production are owned and managed by both the private sector and the government. Individuals and businesses typically own and control resources like land, labor, and capital, while the government may own certain industries or provide regulations to manage economic activity. This combination allows for a balance between free market principles and government intervention to address social and economic needs. Ultimately, the distribution of ownership can vary significantly based on the specific policies and economic conditions of each country.
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 possesses the factors of production in South Africa?
Both the government and private owners makes economic decisions because the government has control over certain important industries, such as Eskom, while private owners control other important industries.
The economic and political system which the government owns almost all major factors of production?
communism
Economic system in which individuals control the factors and means of production is called?
Free Enterprise
In a mixed economy the government is most likely to control the factors of production in which industry?
In a mixed economy, the government is most likely to control the factors of production in key industries that are essential for national security, public welfare, or economic stability, such as healthcare, education, and public utilities. These sectors often require regulation to ensure equitable access and prevent monopolies. Additionally, the government may intervene in industries prone to market failures, such as transportation and energy, to promote efficiency and protect consumers.
Who possesses factors of production in a mixed economy?
In a mixed economy, factors of production are owned and managed by both the private sector and the government. Individuals and businesses typically own and control resources like land, labor, and capital, while the government may own certain industries or provide regulations to manage economic activity. This combination allows for a balance between free market principles and government intervention to address social and economic needs. Ultimately, the distribution of ownership can vary significantly based on the specific policies and economic conditions of each country.
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 is an economic system in which the government decides what will be produced how it will be produced who gets what is produced and who owns and controls the major factors of the production?
Command economy. wrooooooong!
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.
What type of economic system is being described the government owns the factors of production. The government answered the question of who what and how to produce. The government eliminates choice c?
The economic system being described is socialism. In socialism, the government owns and controls the factors of production, making decisions about what to produce, how to produce, and for whom to produce. This system aims to distribute resources more equitably among the population, often reducing individual consumer choice in favor of collective needs.
In the circular flow model economic resouces is both production and the factors of production?
True
