Planned Economies and Communism

A planned economy is characterized by minimal government intervention.

A planned economy is also known as a free market economy.

In a planned economy, the state does not own and control the factors of production. (correct)

A planned economy is synonymous with communism.

Karl Marx's vision of communism is synonymous with state capitalism.

Karl Marx's vision of communism is synonymous with a free market economy.

Karl Marx's vision of communism includes the presence of private property and a class-based society.

Karl Marx's vision of communism includes the absence of private property and a classless society. (correct)

Planned economies

Free market economies

Command economies

State capitalism (correct)

<p>Private ownership of the factors of production with minimal government intervention.</p> Signup and view all the answers

<p>Individuals pursuing profits and consumers' choices</p> Signup and view all the answers