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)."
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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.
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Answer:
Remedies
a. The suing party is called the plaintiff. The party being sued is the defendant. Therefore, since Arthur Rabe wants to sue Xavier Sanchez. Rabe is the Plainttiff and Sanchez is the Defendant.
b. If Rabe wants Sanchez to perform the agreement as promised, Rabe would seek remedy of Specific performance of Contract from the Court. Failure to do so will attract charges.
c. If Rabe wants the contract to be cancelled, then Rabe would ask the court for a rescission which is the cancellation of a contractual obligation.
d. The term remedies refers to a legal means to enforce a right or redress a wrong. Remedies of law include land, items of value or money. Remedies in equity includes specific performance, injunction and rescission. Thus, both remedies in part b and c are remedies in equity.
e. The party appealing a case is called the appellant or petitioner while the appellee is the party against whom the appeal is taken. So Sanchez would be the appellant and Rabe would be the respondent.
Answer:
Luney Corporation is authorized to sell 100000 shares
luney has issued = 70000 shares
luney has shares outstanding 63000
Explanation:
given data
maximum shares of common stock = 100,000
sold shares = 70,000
reacquired = 7,000
solution
we know here 100000 shares are mention in charter of the company
so Luney Corporation is authorized to sell 100000 shares
and luney has issued = 70000 shares
so here
we know that
luney has shares outstanding = 70000 - 7000
luney has shares outstanding 63000
Answer:
(Decrease, Increase)
Explanation:
When the government formulates and implements policies aimed at increasing equality, the society will experience a reduction in the level of efficiency. For example, an increase in income tax on wealthiest Americans, and redistribution of the tax revenue to the poorest Americans would may discourage the wealthy from taking more income-generating activities which create jobs, this is not optimal. At the same time, this policy would reduces the peoples’ incentive to work hard to earn their own money.
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