Podcast
Questions and Answers
Which economic system is characterized by private ownership of the means of production?
Which economic system is characterized by private ownership of the means of production?
What is a key feature of socialism?
What is a key feature of socialism?
Which economic system combines elements of both capitalism and socialism?
Which economic system combines elements of both capitalism and socialism?
What type of economy focuses primarily on agriculture and related industries?
What type of economy focuses primarily on agriculture and related industries?
Signup and view all the answers
In a closed economy, which statement is true?
In a closed economy, which statement is true?
Signup and view all the answers
What is the primary tool used to solve economic problems under capitalism?
What is the primary tool used to solve economic problems under capitalism?
Signup and view all the answers
What are the conditions required for the price mechanism to effectively play its role?
What are the conditions required for the price mechanism to effectively play its role?
Signup and view all the answers
What is one of the limitations of the price mechanism as a tool to solve economic problems?
What is one of the limitations of the price mechanism as a tool to solve economic problems?
Signup and view all the answers
What economic system relies on central planning to solve basic economic problems?
What economic system relies on central planning to solve basic economic problems?
Signup and view all the answers
Which economic system combines elements of both capitalism and socialism?
Which economic system combines elements of both capitalism and socialism?
Signup and view all the answers
