Captialism, Socialism, Communism

What is the definition of capitalism?

• An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market

• A theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole

• A system in which goods are owned in common and are available to all as needed

• A system in which goods are owned in common and are available to all as needed

What is the definition of socialism?

• An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market

• A theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole

• A system in which goods are owned in common and are available to all as needed

• A system in which goods are owned in common and are available to all as needed

What is the definition of communism?

• An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market

• A theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole

• A system in which goods are owned in common and are available to all as needed

• A system in which goods are owned in common and are available to all as needed

Which economic system is characterized by private or corporate ownership of capital goods?

• Capitalism

• Socialism

• Communism

• Mixed economy

Which economic system advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole?

• Capitalism

• Socialism

• Communism

• Mixed economy

Which economic system is characterized by goods being owned in common and available to all as needed?

• Capitalism

• Socialism

• Communism

• Mixed economy

Which economic system is a mix of traditional, command, and market economies?

• Capitalism

• Socialism

• Communism

• Mixed economy

What is the main factor that guides the factors of production in a market economy?

• Government

• Community

• Consumers

• Central authority

Which economic system is based on customs and traditions guiding the factors of production?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

Which economic system is characterized by a central authority guiding the factors of production?

• Traditional economy

• Command economy

• Market economy

• Mixed economy