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Under which economic system are resources devoted to production for use or need rather than production for profit?
socialism
The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit.?
Socialism (A+)
What describes The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
Socialism
What is the private ownership of resources by individuals rather than by the government called?
The private ownership of resources by individuals rather than by the government is called "private property." This concept is fundamental to capitalist economies, where individuals have the right to own, use, and transfer property. Private property rights are essential for promoting investment, innovation, and economic growth.
Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
Under which economic system are resources devoted to production for use or need rather than production for profit?
socialism
The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit.?
Socialism (A+)
Who owns the means of production in a socialist society?
The people as a whole rather than private individuals.
What describes The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
Socialism
What is a production determined by individuals and private groups?
A production determined by individuals and private groups is referred to as a market economy. In this system, decisions about production, consumption, and investment are guided by individuals and businesses operating in a competitive market environment rather than by government intervention.
What is the definition of private property?
private property, or property that is held by individuals or groups rather than by the federal, state, or local governments.
Which groups believed that means of production should be owned by society as a whole?
Socialists and communists believe that the means of production should be owned collectively by society as a whole, rather than by private individuals. These groups advocate for a system where resources and industry are controlled and managed for the benefit of the entire community.
Which economic theory states that the basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
For A+ : Socialism
What is a communisims source of power?
In communism, the primary source of power is the collective ownership of the means of production by the people or the state. This allows for wealth and resources to be distributed more equally among the population, rather than being concentrated in the hands of a few individuals or groups.
What is the communal mode of production?
The communal mode of production refers to an economic system where resources and means of production are collectively owned and managed by a community rather than by individuals or private entities. In this system, goods and services are produced for communal benefit rather than profit, often emphasizing cooperation, shared labor, and equitable distribution. It is often contrasted with capitalist modes of production, where private ownership and profit motives dominate. This mode can be seen in various forms, including traditional communal societies and modern cooperative enterprises.
What type of economy best fits this description The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit?
Mixed Capitalism
What statement does not describe a market economy?
The problems of scarcity and allocation of resources are addressed by production for use or need rather than productio for profit.
