Above all, the government will have to take control of industry and of all the branches of production out of the hands of ..... competing individuals, and instead institute a system as a whole, that is for the common good, according to a common plan, and with the participation of all members of society. It will ..... abolish competition ..... Private property must therefore be abolished.This quote was taken from a document related to which economic philosophy?

ECONOMIC SYSTEMS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

“Above all, the government will have to take control of industry and of all the branches of production out of the hands of ____ competing individuals, and instead institute a system as a whole, that is for the common good, according to a common plan, and with the participation of all members of society. It will ____ abolish competition ____ Private property must therefore be abolished.”This quote was taken from a document related to which economic philosophy?

A	Capitalism
B	Communism
C	Laissez-Faire
D	Socialism

Explanation:

Detailed explanation-1: -In a pure command economy, there is no private sector, as the central government owns or controls all business. In a command economy, government officials set national economic priorities, including how and when to generate economic growth, how to allocate resources, and how to distribute the output.

Detailed explanation-2: -Socialism. Socialism is an economic system in which the basic industries are owned by the government or by the private sector under strong government control. A socialist state controls critical, large-scale industries such as transportation, communications, and utilities.

Detailed explanation-3: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Detailed explanation-4: -command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

ECONOMIC SYSTEMS