Socialism is based on the belief that democratic means should be used to distribute wealth evenly throughout a society . Communism is characterized by a centrally planned economy with all power resting in the hands of the central government.
What was the opportunity cost in the Soviet Union for producing heavy industry?
Opportunity cost of USSR focus on heavy industry were consumer goods and products . Heavy industry needed big investments, especially steel, chemicals, machinery, etc.
Why do Soviet collectives offer little incentive to farmers?
Why did soviet collectives offer little incentives to farmers? They offer little incentive because they were a communist government that regulated the production of crops ; farmers could only produce what they were told to produce.
The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.
A Democratic government is when the system is ruled by the people, the citizen is allowed to form their laws, and the government is serving the people. An Authoritarian government is when the government has complete dictatorship, the laws are set by the government, and the citizen have to obey the government .
This concept of scarcity leads to the idea of opportunity cost. The opportunity cost of an action is what you must give up when you make that choice . ... Opportunity cost is a direct implication of scarcity. People have to choose between different alternatives when deciding how to spend their money and their time.
Why do opportunity costs exist?
Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another . ... Understanding the potential missed opportunities foregone by choosing one investment over another allows for better decision-making.
Why would an inefficient factory close down under capitalism?
What is the primary incentive that motivates a manufacturer to sell a product? Which type of economy produces the highest standard of living for its citizens? Why would an inefficient factory close down under capitalism? ... The producers are likely to earn a profit making products people want.
Capitalism is based on individual initiative and favors market mechanisms over government intervention , while socialism is based on government planning and limitations on private control of resources.
What is a communist quizlet?
Communism. A political system in which the government owns and controls all resources and means of production and makes all economic decisions . Capitalism .
The verdict is in, and contrary to what socialists say, capitalism , with all its warts, is the preferred economic system to bring the masses out of poverty and to make them productive citizens in our country and in countries around the world. Remember this: Capitalism rewards merit, socialism rewards mediocrity.
What are the 5 main characteristics of communism?
- Abolition of Private Property.
- Collective Ownership of Means of Production.
- Central Planning.
- Elimination of Unfair Gaps in Incomes.
- Provision of Necessaries of Life.
What is communism in simple words?
Communism is a socio-economic political movement. Its goal is to set up a society where there are no states or money and the tools used to make stuff for people (usually called the means of production) like land, factories and farms are shared by the people.
A typology of authoritarian regimes by political scientists Brian Lai and Dan Slater includes four categories: machine (oligarchic party dictatorships); bossism (autocratic party dictatorships); juntas (oligarchic military dictatorships); and strongman (autocratic military dictatorships).
Which type of government is best and why?
- The rulers of the nation are elected by the public.
- It is a government run by and for the people.
- Democracy improves the quality of decision-making.
- Democracy provides a method to deal with differences and conflicts.
- Democracy enhances the dignity of citizens.
Which system of gov has the strongest central government?
A unitary system has the highest degree of centralization. In a unitary state, the central government holds all the power.
