Match the following types of economic systems as per the ownership of the means of production.

Private sectors

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Both

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Public sectors

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Solution

In a capitalist economy, private sectors own and control the means of production. On the other hand, these means of production are owned and controlled by public sectors in a socialist economy. In a mixed economy, these means of production are controlled by both the public aa well as private sectors.

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Similar questions

If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Socialism.

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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