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?

In which economic system are the means of production owned by the state or the community?

Which economic system seeks to eliminate economic inequality by ensuring that everyone has access to basic goods and services?

Which economic system encourages both competitions among businesses and cooperation among different sectors of the economy?

Which economic system recognizes the importance of both private and public ownership of property?

In which economic system are prices of goods and services determined by the forces of supply and demand?

What is the goal of socialism in terms of economic inequality?

What is the basic feature of capitalism with respect to private ownership?

What is the advantage of a mixed economy in terms of public and private ownership?