In which economic system all the means of production are owned and controlled by private individuals for profit.

Socialism

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Capitalism

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Mixed economy

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Communism

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Solution

The correct option is C Capitalism
A system of economy in which all means of production are owned and controlled by private individuals for the purpose of profit is called capitalist economy. It is a decentralised form of economy where there is no government control.

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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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