Question

For analysing ownership and utilization of resources, economies are classified into ______________.

• A. capitalist economies
• B. socialist economies
• C. mixed economies
• D. all of the above

Answer 1

Answer: (D)

all of the above

• Economies when analysed with regards to ownership and use of resources is classified into:
  Capitalist economies where private ownership and utilization of resources takes place for private gains.
  
• Socialist economies which has public ownership and utilization of resources. The focus is on social welfare.
  
• Mixed economies are those which have combined features of both capitalist as well as socialist economies, i.e, combined ownership and utilisation of resources by the public as well as the private sector.