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Question

"Ownership and management of means of production is in the hands of private individuals." This comes under which type of economy?


A
Capitalistic economy
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B
Socialistic economy
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C
Mixed economy
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D
All of above
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Solution

The correct option is A Capitalistic economy

Capitalist system is the system which is based upon two most important things:

(a) Private ownership of means of production(like capital goods).

(b) Maximisation of profit through their ownership.

It is that system which does not allow government to interfere. The prices are determined by the interactions of demand and supply. Here, producers and consumers are free to take their decisions. 


Economics

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