Question on: JAMB Economics - 2024
Which of the following is NOT a feature of capitalism?
A
Free enterprise
B
private ownership of property
C
competition
D
detailed economics planning
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Correct Option: D
Capitalism is characterized by:
- Free enterprise: Individuals are free to start and run businesses.
- Private ownership of property: Individuals own the means of production.
- Competition: Businesses compete for customers and resources.
Detailed economic planning is a feature of a command or socialist economy, not capitalism.
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