Socialism
What will be an ideal response?
An economic system in which the basic means of production are owned and controlled by the government and goods and resources are allocated through government central planning
*Basic means of production are things like utilities, railroads, etc.
You might also like to view...
When network externalities are present:
A. a person's demand cannot be affected by the number of other people who have purchased the good. B. we can obtain the market demand curve simply by summing individuals' demands. C. one person's demand also depends on the demands of other people. D. the social cost of production is larger than the private cost
The distinguishing of products by brand name, color, and other attributes
A) is known as interdependence. B) is known as product differentiation. C) leads to many firms in the market. D) leads to collusion.