Communist Economic System Definition

In countries the government represents the group.

Communist economic system definition. 2003 2012 princeton university farlex inc. 1 although the government doesn t legally own the labor force the central planners tell the people where they should work. Either the government or a collective owns the land and the means of production. Thus the ejido ejido in mexico agricultural land expropriated from.

A command economy is where a central government makes all economic decisions. A command economy also ignores the customs that guide a traditional economy. Want to thank tfd for its existence. Communism is an economic system where the group owns the factors of production.

Fundamentally a system of social organization in which property is held in common. Communist economy the managed economy of a communist state managed economy a non market economy in which government intervention is important in allocating goods and resources and determining prices based on wordnet 3 0 farlex clipart collection. A command economy is a system where the government rather than the free market determines what goods should be produced how much should be produced and the price at which the goods are offered. It doesn t rely on the laws of supply and demand that operate in a market economy.

The most important originators of communist doctrine were karl marx and frederick engels like the socialists before them they wanted to end the exploitation of the masses by the few. Communism also known as a command system is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided. The means of production are labor entrepreneurship capital goods and natural resources. Explanation of communist economic system communist economic system article about communist economic system by the free dictionary.

A system of government in which the state plans and controls the economy and a single often authoritarian party holds power claiming to make progress toward a higher social order in which all goods are equally shared by the people. Communism is a political and economic system that seeks to create a classless society in which the major means of production such as mines and factories are owned and controlled by the public. There is no government or private property or currency and the wealth is divided among citizens equally or according to individual need. Find out information about communist economic system.