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Question

Which of the following criteria is considered while classifying the economic systems?

A
The level of economic development
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B
The ownership of means of production
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C
The output of the economic sectors
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D
The total production of the economy
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Solution

The correct option is B The ownership of means of production
The economic systems are classified into socialist, capitalist, and mixed on the basis of the ownership of the means of production. In a socialist economy, ownership lies with the public sector. In a capitalist economy, ownership lies with the private sector, while it lies with both public and private sectors in a mixed economy.

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