00:01
Hey everyone, today we're solving problem 8, which basically asks us to consider what public enterprise would be.
00:10
And the steps you want to take here are to first use the hint that's given in the problem, which is that it is a characteristic of command economies.
00:22
So you're going to want to define command economies versus market economies, of course.
00:31
And then using that definition, you want to define...
00:38
Public enterprise.
00:41
All right.
00:42
So for the first step, command economies.
00:46
Well, in a command economy, it's basically government controlled.
00:50
So the government decides what goods or services will be produced and what prices it will charge for them.
00:56
And the government decides what methods of production to use and sets wages for workers...