ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Communism
|
|
|
Capitalism
|
|
|
Socialism
|
|
|
None of the above
|
Detailed explanation-1: -TRADITIONAL CAPITALISM; You have two cows. You sell one and buy a bull. Your herd multiplies, and the economy grows. You sell them and retire on the income.
Detailed explanation-2: -Socialism: If you have two cows, you give one to your neighbor. Communism: If you have two cows, you give them to the Government and the Government then gives you some milk. Fascism: If you have two cows, you keep the cows and give the milk to the Government; then the government sells you some milk.
Detailed explanation-3: -Uses of Cow Cows are raised as livestock for meat, milk and hides to make leather. In countries like India, cows are considered sacred and their milk is widely consumed. It provides a maximum requirement for farming activities and helps in the transportation of goods.
Detailed explanation-4: -COMMUNISM: You have two cows. The government takes both and gives you the milk. SOCIALISM: You have two cows. The government takes one to give to someone else.