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Unformatted text preview: Understand Som Som is an economic system based on the premise that some, if not most basic businesses such as steel mills, coal mines, and utilities should be owned by the government so that profits can be more evenly distributed among the people Benefits of som Social equality Free education Longer vacations Negative Consequences of Som Takes away some of business peoples incentives to start work early and leave work late. Brain Drain- The loss of the best and brightest people to other countries. Understanding Communism Communism is an economic and political system in which the state makes almost all economic decisions and owns almost all the major factors of production. Government has no way of knowing that to produce because prices dont reflect supply and demand as they do in free markets. Communism is disappearing, most communists countries today are suffering The Trend Toward Mixed Economies Free Market Economies- exist when the market largely determines what goods...
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This note was uploaded on 02/10/2012 for the course MGT 101 taught by Professor Staff during the Fall '10 term at Texas State.
- Fall '10