Basic Features of Economic System (Capitalism, Socialism, Mixed Economy etc) - SS2 Economics Past Questions and Answers - page 1
Which economic system emphasizes private ownership and free markets?
Capitalism
Socialism
Mixed Economy
In which economic system are the means of production owned by the state or the community?
Capitalism
Socialism
Mixed Economy
Which economic system seeks to eliminate economic inequality by ensuring that everyone has access to basic goods and services?
Capitalism
Socialism
Mixed Economy
Which economic system encourages both competitions among businesses and cooperation among different sectors of the economy?
Capitalism
Socialism
Mixed Economy
Which economic system recognizes the importance of both private and public ownership of property?
Capitalism
Socialism
Mixed Economy
In which economic system are prices of goods and services determined by the forces of supply and demand?
Capitalism
Socialism
Mixed Economy
What is the goal of socialism in terms of economic inequality?
The goal of socialism is to eliminate economic inequality by ensuring that everyone has access to basic goods and services.
What is the basic feature of capitalism with respect to private ownership?
The basic feature of capitalism is private ownership of property, where individuals have the right to make decisions about its use.
What is the advantage of a mixed economy in terms of public and private ownership?
The advantage of a mixed economy is that it recognizes the importance of both public and private ownership of property, allowing for a balance of market and non-market activities.