ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Communism
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Capitalism
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Socialism
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None of the above
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Detailed explanation-1: -Socialism is a left-wing to far-left economic and political system where the workers or the government own the buildings and tools that make goods and services like farms and factories.
Detailed explanation-2: -Economics is the study of how a society uses scarce resources to produce and distribute goods and services. The resources of a person, a firm, or a nation are limited. Hence, economics is the study of choices-what people, firms, or nations choose from among the available resources.
Detailed explanation-3: -Most nations operate largely as a command or market economy but all include aspects of the other. Since a command economy requires a large administrative state, a country’s economic system is closely related to its political system.