This economic system is called<em> socialism.</em>
Socialism is an economic system where everyone in the society equally owns the factors of production. The ownership as such is in the hands of the<em> government</em> that controls all means of production and distribution of goods.
The factors of production are : land, labor, capital and entrepreneurship.
In a socialistic economy, the land is owned by the state and private property is limited and difficult to obtain. Labor is heavily regulated and most people are employed in state-owned companies. Workers do not have many rights and they have to obey the government which also decides what is being produced and in which capacity ( planned economy ).
Socialism does not reward people for being entrepreneurial and competitive as competition is no existing and everybody reaps the same benefits of their work.
On average, it’s not more than 10 mins
Based on the remarks by Senator Lamar Alexander in 2009, the statement that refers to an opinion is C. "Government-run insurance is not the best way to extend coverage to low-income Americans who need it.
<h3>What is an opinion?</h3>
An opinion refers to an judgement that a person has of a particular viewpoint. In other words, an opinion shows the point of view of a person as regards a particular topic of discussion. An opinion does not have to be based on facts which is why some opinions can be considered factually wrong, and others, factually correct.
Senator Lamar Alexander does not believe that an insurance scheme that is run by the government is the best way to extend insurance coverage to low-income Americans. This is his opinion because it is the way he views the government being involved in insurance. His reason for this opinion is that it would lead to more debt for the government which is not palatable because of the huge government debt already.
Find out more on opinions at brainly.com/question/25607827
#SPJ1
Answer:
You need to ask a question. We cannot help if there is no question.
Explanation:
