Question

In which of the following economies is production owned individually?

• A. Socialistic
• B. Capitalistic
• C. Mixed
• D. None of these

Hint:

Remember the key difference: Capitalism = Private Ownership, Socialism = State/Public Ownership, Mixed = a combination of both.

Answer 1

The Correct Option is B

Step 1: Define the economic systems.

Capitalistic Economy: An economic system where the means of production (factories, machines, land) are privately owned and operated for profit.
Socialistic Economy: An economic system where the means of production are owned by the state or the community as a whole.
Mixed Economy: A system that combines elements of both capitalism and socialism.

Step 2: Match the definition with the question. The question asks where production is owned individually, which is the defining characteristic of a capitalistic economy.