Types of Economic System (Socialism, Mixed economy) - SS1 Economics Past Questions and Answers (page 1)

1

Which economic system emphasizes private ownership and competition in the market?

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A

Socialism

B

Mixed economy

C

Capitalism

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2

In which economic system is the government's role in regulating the economy minimal?

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A

Socialism

B

Mixed economy

C

Capitalism

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3

In which economic system does the government control the means of production?

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A

Socialism

B

Mixed economy

C

Capitalism

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4

Which economic system aims to balance the benefits of both socialism and capitalism?

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A

Socialism

B

Mixed economy

C

Capitalism

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5

Define socialism in one sentence.

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6

What is the goal of a mixed economy?

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Types of Economic System (Socialism, Mixed economy) - SS1 Economics Past Questions and Answers - page 1