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In a socialist economy most means of production are owned and controlled collective by whom?
the government
A system in which all the means of production are owned and controlled by the government is known as?
A command economy :)
How do free market and mixed economy differ?
A free market economy is one in which the means of production (land, labor, capital, and entrepreneurship) are held and owned by individuals. A mixed economy is (strictly speaking) one in which at least some means of production are owned by the government. In practice, it usually refers to an economy where some of the biggest firms are owned by the government, and a substantial portion of the GDP is generated by government owned firms.
What form of government is where the principal means of production are owned by the government example?
The form of government where the principal means of production are owned by the government is known as socialism. In a socialist system, the government typically controls key industries and resources, aiming to promote equality and distribute wealth more evenly among the population. An example of this is Cuba, where the state owns and operates most of the economy, including healthcare and education.
What are not key ideas of capitalism?
All companies should distribute their profits evenly throughout the population.The means of production should be owned by the state.all companies should distribute their profits evenly throughout the populationThe government should guarantee a basic standard of living for everyone.The means of production should be owned by the stateThe means of production should be owned by the stateAll companies should distribute their profits evenly throughout the population.The Government should guarantee a basic standard of living for everyone(apex)
Under Marxism who must own the means of production?
The means of production is owned by the collective ownership of the workers.
Most socialist systems can also be described as?
Collectivist, where the means of production are owned or regulated by the community as a whole, rather than by individual businesses or the government.
Under which economic system would factors of production most likely be owned by the government?
Communism is one chief example where production is a ward of the state. In this system the means to production and national resources are communal rather than private property.
How do capitalism and communism compare and contrast in terms of their economic systems and principles?
Capitalism and communism are two different economic systems with contrasting principles. In capitalism, the means of production are privately owned and operated for profit, with competition driving the economy. In contrast, communism advocates for collective ownership of the means of production and aims for a classless society where resources are distributed based on need rather than profit.
What is the belief that the means of production should be owned and controlled by society?
sOCIALISM
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.
Principles of communism?
Communism is a socio-economic system where the means of production are owned collectively and goods and services are distributed based on need. Key principles include the abolition of private property, classless society, and the idea of "from each according to his ability, to each according to his needs."
