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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.
What is an economic system where the government owns and controls the means of production?
socialism.
What term describes the belief that economic problems can work themselves out in the marketplace without government help or controls?
Delusion
How do you define planned economy?
An economic system in which the government controls and regulates production, distribution, prices, etc.
What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
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.
What is an economic system where the government owns and controls the means of production?
socialism.
Which economic markets describes a situation with many buyers but only one seller?
monopoly
What term describes the belief that economic problems can work themselves out in the marketplace without government help or controls?
Delusion
How do you define planned economy?
An economic system in which the government controls and regulates production, distribution, prices, etc.
In a capitalist economic system who owns and controls the means of production?
If you're thinking in the Marx context, the term is bourgeoisie.
What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
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!
What type of economic system do most countries have?
Most countries today have a mixed economic system. This means that they combine elements of both market economies (where prices and production are determined by supply and demand) and planned economies (where the government controls production and prices).
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’.
What is the best describes the economic effect that results from the government having a budget surplus?
Overall demand decreases reducing the incentive for producers to increase production
What best describes the economic effect that results from the government having a budget-surplus?
Overall demand decreases, reducing the incentive for producers to increase production
