ECONOMICS
PROPERTY RIGHTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Scarcity does not exist.
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There is no problem of unemployment.
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Everyone receives the same amount of resources.
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The government makes most of the production decisions.
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Detailed explanation-1: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.
Detailed explanation-2: -A centrally planned economy or a command economy is one where the price and allocation of resources, goods and services is determined by the government rather than autonomous agents as it is in a free market economy.
Detailed explanation-3: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.
Detailed explanation-4: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production.