Economic Theories
By: Nicole Spence, Zach Wyum, and Riley Powers.
Communism
Communism is a form of government where all property is public and owned by the government. People work and are given things from the government based on their needs. Wealth is also divided equally among the citizens of the society. All means of production is communism are controlled and owned by the government. The government also makes all economic decisions as it is what is considered a command economy. The government determines what will be produced, how much of it will be produced, and how the goods will be distributed. In a communist society there is no motive for profit or competition because the government equally distributes goods and money throughout the country. Also, there is no private business everything is ran and controlled by the government which eliminates competition. An example of a communist country today is Cuba.