what is the role of the government in a communist command economy?
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Communism. 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. The most important originators of communist doctrine were Karl Marx and Frederick Engels.
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Communism and socialism are two types of command systems. In a socialistic economic system, the government owns most land and capital goods, but individuals still control their own labor. ... Communism is like socialism except all the factors of production, land, capital, and even labor, are controlled by the state.
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A centrally planned economy is the one in which economic activities (production, consumption and exchange) are governed by the government. Market economy is the one in which economic activities (production, consumption and exchange) are governed by the market forces of supply and demand.
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GOVERNMENT'S ROLE AS REGULATOR OF BUSINESS Ensure the private investment and production in the industry meets the socio-economic objectives of the government. Ensure the efficient use of resources and prevent exploitation. ... Maintenance of a proper socio-economic infrastructure.
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The six roles of government in a market economy are: (1) provide for a stable set of institutions and rules; (2) promote effective and workable competition; (3) correct for externalities; (4) ensure economic stability and growth; (5) provide for public goods and services; and (6) adjust for undesired market results.
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As we saw in our discussion of competitive markets, a free enterprise system is largely self-regulating. Therefore, government plays a limited, but important, role, allowing individuals to make most of the economic decisions. Specifically, government has two roles: rule maker and umpire.
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The three primary economic systems include capitalism, which is a market system, and the command systems of socialism and communism. In reality, all economies are mixed economies that take elements of the market system and the command system.
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['Maintain Legal and Social Framework.', 'Provide Public Goods and Services.', 'Maintain Competition.', 'Redistribute Income.', 'Stabilize the Economy.']
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What best describes the role of government in a free enterprise system? Control business activities. ... Allow individuals to operate their businesses in ways they think will maximize their profits. Require companies to disclose information to consumers.
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Communism and socialism are two types of command systems. In a socialistic economic system, the government owns most land and capital goods, but individuals still control their own labor. ... Pure economic systems, such as free-market capitalism, socialism, and communism, do not exist in the real world.
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The primary function of the government sector is to impose resource allocation decisions on the rest of the economy. It does this through regulation--establishing, executing, and enforcing laws and rules. To accomplish this it needs resources, which it acquires through taxes.
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Economists, however, identify six major functions of governments in market economies. Governments provide the legal and social framework, maintain competition, provide public goods and services, redistribute income, correct for externalities, and stabilize the economy.
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Most economies in the world are mixed economies. The majority of those are mostly capitalistic with market features. ... In communism, there is no government, since all members of society contribute to the common good, but a command economy relies on government.
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['State Ownership. The state owns all capital in a communist system including all land, machines, buildings and infrastructure. ... ', 'Central Planning. ... ', 'Bureaucratic Elite. ... ', '"Common Good" ... ', 'Competition. ... ', 'Austerity. ... ', 'Single Party. ... ', 'Repression.']
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the part of the economy that transforms raw materials into manufactured goods. ... an economic system in which natural resources and the means of producing goods and services are collectively owned. communism. a hypothetical economic and political system in which all members of a society are socially equal.
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Governments provide the parameters for everyday behavior for citizens, protect them from outside interference, and often provide for their well-being and happiness. In the last few centuries, some economists and thinkers have advocated government control over some aspects of the economy.
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What best describes the role of government in a free enterprise system? Control business activities. ... Allow individuals to operate their businesses in ways they think will maximize their profits.