ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Free Enterprise
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Communist
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Socialist
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None of the above
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Detailed explanation-1: -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-2: -Socialism is an economic system in which the means of production are collectively owned, usually by the government.
Detailed explanation-3: -In most communist countries, the government makes those decisions on their behalf. This system is called a command economy.
Detailed explanation-4: -Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.
Detailed explanation-5: -In a socialist economy, the setup is exactly opposite to that of a capitalist economy. In such an economy the factors of production are all state-owned. So all the factories, machinery, plants, capital, etc. is owned by a community in control of the State.