Types of Economic System (Socialism, Mixed economy) - SS1 Economics Past Questions and Answers - page 1
Which economic system emphasizes private ownership and competition in the market?
Socialism
Mixed economy
Capitalism
In which economic system is the government's role in regulating the economy minimal?
Socialism
Mixed economy
Capitalism
In which economic system does the government control the means of production?
Socialism
Mixed economy
Capitalism
Which economic system aims to balance the benefits of both socialism and capitalism?
Socialism
Mixed economy
Capitalism
Define socialism in one sentence.
Socialism is an economic system where the means of production, such as factories, land, and resources, are owned and controlled by the state or the community as a whole.
What is the goal of a mixed economy?
The goal of a mixed economy is to balance the benefits of both socialism and capitalism, with the goal of promoting economic growth while also ensuring that wealth is distributed fairly.