BUS 082 Lecture Notes - Lecture 5: Planned Economy, Gross Domestic Product, Business Cycle

• School: College of The Sequoias
• Department: Business (BUS)
• Course: BUS 082
• Professor: gradin

Document Summary

An economic system where business ownership, profits, and resource allocation are shaped by a plan to meet government goals. An economic system where the government owns and operates the major industries, such as communications. Some private ownership of industry allowed, such as retail and some manufacturing. An economic system where all property is shared equally by the people in a community under the direction of a strong central government. Adopted in early 20th century by many nations, but government-owned monopolies often suffered from inefficiency. An economic system that draws from both private enterprise economies and planned economies, to different degrees. The mixture of public and private enterprise can vary widely from country to country. The conversion of government-owned and -operated companies to privately-held businesses. An economic system should provide a stable business environment and sustained growth as benefits for its citizens.