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Describe the important characteristics of free-market enterprise.

Economic system developed by Karl Marx where there is a classless society?

Economic Systems

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1
Economic system developed by Karl Marx where there is a classless society?
Free Enterprise
Capitalism
Socialism
Communism
2
Describe the important characteristics of free-market enterprise.
Production of war materials by govt.
Private ownership of businesses
Govt. ownership of most property
Organization of workers into unions
3
Why does communist economies most likely fail to free-market economies?
Workers guaranteed similar benefits & they receive benefits
Govt. has jobs for all, but low levels of unemployment
Govt owns means of production/no entrepreneurs motivated
Communists countries trade with one another & creates a bloc
4
Describe theimportant characteristics of communism.
Govt. action is required to safeguard workers' interests
Developed in response to the exploitation of workers
Govt should own businesses for workers' benefits
All of the Above