Identify the economic system in which the ownership and management of the means of production are in control of private players?

Socialist economy

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Capitalist economy

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Mixed economy

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Command economy

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Solution

The correct option is B Capitalist economy
.

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Similar questions

Q25. Which of the following statements are correct?

1. A mixed economy refers to market economy with strong regulatory oversight and governmental provision of public goods.

2. A socialist economic system is characterized by social ownership and democratic control of the means of production.

3. Capitalism is an economic system in which capital goods are owned by private individuals.

4. Marxian economics provided a foundation for capitalism.

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