refers to an economic system in which the means of production are privately owned and distribution of income is based on a free-market economy.

Leninism

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Capitalism

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Socialism

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Solution

The correct option is B Capitalism
During the era of the cold war, the two major blocs of US and USSR believed in two different ideologies. US and western Europe believed in capitalism and democracy. Capitalism refers to an economic system in which the means of production are privately owned and distribution of income is based on a free-market economy.

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A market economy is an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

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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