In one of the following economic systems, all the factors of production are owned and controlled by private sector:
A. Capitalism
B. Socialism
C. Communism
D. Mixed economy
A. Capitalism
B. Socialism
C. Communism
D. Mixed economy
Show Hint
- A only
- A and B only
- B and C only
- B, C and D only
The Correct Option is A
Solution and Explanation
Economic systems are categorized based on who owns, allocates, and controls the factors of production (land, labor, capital, and enterprise).
Step 2: Detailed Explanation:
Let us analyze the systems:
- Capitalism (A): An economic system characterized by private ownership of capital goods and production assets. Resource allocation is determined by free-market forces (supply and demand). Thus, the statement applies exclusively to Capitalism.
- Socialism (B) and Communism (C): These systems emphasize public, state, or collective ownership of the means of production to prevent private accumulation of wealth.
- Mixed Economy (D): A system that incorporates elements of both private enterprise and state monopoly or planning (such as in India).
Therefore, only Capitalism fits the description.
Step 3: Final Answer:
The correct option is A only, corresponding to Option (A).
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