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What type of economic and political system exists where all resources and production are owned collectively by all?
Socialismsocialism(Kaylop)
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 the difference between communism and capitalism in terms of their economic and political systems?
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.
Do economic resources include both production and the factors of production?
Yes, the means of production, and the system that supports it, are all resources.
Economic resources are also known as?
Factors of production.
What type of economic and political system exists where all resources and production are owned collectively by all?
Socialismsocialism(Kaylop)
How is communism used in a sentence?
"China used to be in communism laws"
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 the difference between communism and capitalism in terms of their economic and political systems?
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.
Do economic resources include both production and the factors of production?
Yes, the means of production, and the system that supports it, are all resources.
Economic resources are also known as?
Factors of production.
What type of resource is not an economic factor of production?
Money, political resources, and infrastructure are not considered economic factors of production. Money is considered to be a factor used in trade, mostly. Money is used to trade or sell or buy something and for production to move as well. It can be a huge factor that contribute to production but it mostly envelopes the trade industry.
In the circular flow model economic resources is both production and the factors of production?
truetrue
What is a political and economic framework where all property is collectively owned and labor is organized for the common advantage of the community?
communism
Which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy is called?
Socialism is when ownership of production and distribution is controlled collectively or by the government. The opposite of socialism is capitalism.
A major economic and political union in Europe?
Great food production
What does economic do with resources when it comes to the production and distribution of goods and services?
Allocating
