What type of economic system is defined by public ownership of the means of production central planning and the distribution of goods without profit?
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Accounting Show The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization. The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information. (definition by the American Accounting Association) Capital Money and wealth. The means to acquire goods and services, especially in a non-barter system. Already-produced durable goods available for use as a factor of production, such as steam shovels (equipment) and office buildings (structures). Capitalism A socio-economic system based on the abstraction of resources into the form of privately-owned money, wealth, and goods, with economic decisions made largely through the operation of a market unregulated by the state. A socio-economic system based on private property rights, including the private ownership of resources or capital, with economic decisions made largely through the operation of a market unregulated by the state. Command Economy Most of the economy is planned by a central government authority and organized along a top-down administration where decisions regarding production output requirements and investments are decided by planners from the top, or near the top, of the chain of command. Cooperative A type of company that is owned partially or wholly by its employees, customers, or tenants. Abbreviation: co-op. Coordination The resulting state of working together; cooperation; synchronization. Demand The desire to purchase goods or services, coupled with the power to do so, at a particular price. Design To plan and carry out (a picture, work of art, construction etc. ). Distribution The process by which goods get to final consumers over a geographical market, including storing, selling, shipping, and advertising. the set of relative likelihoods that a variable will have a value in a given interval. A probability distribution; the set of relative likelihoods that a variable will have a value in a given interval. Economic System An economic system is the combination of the various agencies, entities (or even sectors as described by some authors) that provide the economic structure that defines the social community. Economy Collective focus of the study of money, currency and trade, and the efficient use of resources. The system of production and distribution and consumption. The overall measure of a currency system; as the national economy. Efficiency The extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended. The extent to which time is well used for the intended task. Improved efficiency was a principle goal of progressives, one they thought attainable by the application of scientific and rational thought to social problems. Framework The identification and categorization of processes or steps that constitute a complex task or mindset in order to render explicit the tacit and implicit. A basic conceptual structure. GDP Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. A measure of the economic production of a particular territory in financial capital terms over a specific time period. Good An object produced for market. Input Something fed into a process with the intention of it shaping or affecting the outputs of that process. Each participant’s contributions that are viewed as entitling him/her to rewards or costs. Examples include time, effort, and loyalty. Management The act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Administration; the process or practice of managing. Market A group of potential customers for one’s product. One of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. Mixed Economies A system in which both the state and private sector direct the way goods and services are bought and sold. Mixed Economy An economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. Most mixed economies can be described as market economies with strong regulatory oversight, in addition to having a variety of government-sponsored aspects. Output Production; quantity produced, created, or completed. data sent out of the computer, as to output device such as a monitor or printer. Planning The act of formulating a course of action, or of drawing up plans. Process A series of events to produce a result, especially as contrasted to product. in reference to capabilities, a process is how the capability is executed. Profits Collective form of profit. Ratio A number representing a comparison between two things. The relative magnitudes of two quantities (usually expressed as a quotient). Services That which is produced, then traded, bought or sold, then finally consumed and consists of an action or work. Supply Provisions The amount of some product that producers are willing and able to sell at a given price, all other factors being held constant. State Capitalism The term state capitalism has various meanings, but is usually described as commercial (profit-seeking) economic activity undertaken by the state with management of the productive forces in a capitalist manner, even if the state is nominally socialist. State capitalism is usually characterized by the dominance or existence of a significant number of state-owned business enterprises. System The part of the universe being studied, arbitrarily defined to any size desired A whole composed of relationships among the members. Welfare State A social system in which the state takes overall responsibility for the welfare of its citizens, providing health care, education, unemployment compensation and social security. Which economic system has public ownership of the means of production?Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.
Which economic system is based on private ownership of the means of production and distribution of goods?Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
What are the 4 main types of economic systems?Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
What is capitalism and socialism?Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.
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