Economics Communism Questions
In a communist system, the role of industry is to serve the needs of the society as a whole rather than individual profit. Industries are owned and controlled by the state or the community, and their primary objective is to produce goods and services that fulfill the collective needs and goals of the society. The state determines the production targets, allocates resources, and plans the distribution of goods and services based on the principle of equality. The industry operates under a centrally planned economy, where the government sets production quotas, determines prices, and coordinates the allocation of resources to ensure equitable distribution. The focus is on meeting the basic needs of the population, promoting social welfare, and achieving economic equality rather than maximizing profits or individual wealth.