ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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capitalism
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communism
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socialism
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None of the above
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Detailed explanation-1: -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-2: -Socialism is an economic system in which the means of production are collectively owned, usually by the government.
Detailed explanation-3: -Under a command economy, governments own the factors of production such as land, capital, and resources, and officials determine when, where, and how much is produced. This is also sometimes referred to as a planned economy.
Detailed explanation-4: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.