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Economies - Coggle Diagram
Economies
disadvantages of command economies
little freedom and little economic voice
needs and wants are not met
distributions of wealth are all the same
resource shortages
Government owns the means of productions.
controls the distribution of goods
Citizens have no voice in how tax is spent
State ownership of factories and farms
economic activity under control by governement
Advantages of command economy
distributes goods equally among all people
economic decision making benefits all of society
all property is privately owned
rapid economic growth
Public taxes are used for medical care and education for all citizens
stability in economics
What determines the distribution of goods and services in socialist and communist economic systems?
The governement have alot of control in socialist and communist economic systems (mixed economies). In a socialist economy the government own some but not all and they also provide some of the basic needs of the people. In communism all property is not privately owned. The governement decides on the goods and services produced. The communist party makes all the decisions.