What is the exclusive control of a product and the means of producing it with no regard for quality or customer needs?

Which economic system is characterized by public ownership of the means of production, the pursuit of collective goals (rather t

Dennis_Churaev [7]

An economic system is characterized by public ownership of the means of production, the pursuit of collective goals (rather than market-oriented production), and centralized decision making is called "command economy (socialism)."

<h3>What is command economy (socialism)?</h3>

A form of command economy is socialism. The majority of the production factors, including land and capital goods, are owned and under the jurisdiction of the state.

Key features of command economy are-

A populist economic and political structure, socialism is founded on the common, collective, or public ownership of the means of production.
The equipment, resources, and manufacturing facilities utilized to create products that are intended to directly meet human needs are among those means of production.
The state uses central planning.
The state maintains centralized control over the production of products and services, as well as their prices and distribution.
While free-market economies have historically been identified with capitalism and democratic countries, command economies have historically been connected with socialist and communist countries.

Socialism the best economic system because-

Theoretically, socialism aims to create the greatest amount of common wealth through public benefits.
Since the government oversees the majority of societal activities, it can utilize resources, labor, and lands more efficiently.
Socialism lessens wealth disparity not only between different regions but also between all social classes and ranks.

To know more about command economy, here

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5 0

2 years ago

Please help me with this !! I need this fast I’ll love you forever if you do!!

Alekssandra [29.7K]

I’d be happy to help but I need to know the options for the drop boxes. :)

4 0

3 years ago

Which agency would be most likely to make sure a new baby stroller has acceptable safety features? (Select the BEST answer.)

Alona [7]

Answer:

The correct is A

Explanation:

6 0

3 years ago

Read 2 more answers

Assume that you have just purchased some shares in an investment company reporting $500 million in assets, $50 million in liabil

kiruha [24]

Answer:

B. $9

Explanation:

Assets value = $500 million

Liability value = $50 million

Use following formula to calculate NAV

Net Assets value = Assets value - Liability value

Net Assets value = $500 million - 50 million

Net Assets value = $450 million

Net Assets value = $450 million / 50 million

Net Assets value = $9 per share

So, the correct option is B. $9.

6 0

4 years ago

Gabbe Industries is a division of a major corporation. Last year the division had total sales of $32,948,550, net operating inco

Leona [35]

Answer:

a. Division's margin = Net operating income / Total sales

Division's margin = $4,069,146 / $32,948,550

Division's margin = 0.1235000

Division's margin = 12.35%

b. Division's turnover = Total sales / Average operating assets

Division's turnover = $32,948,550 / $9,027,000

Division's turnover = 3.65 times

c. Division's return on investment = Division margin * Division turnover

Division's return on investment = 12.35% * 3.65 times

Division's return on investment = 45.08%

8 0

3 years ago