Questions and Answers
What is the economic system where the government owns some or all of the factors of production?
Socialism
Which of the following is NOT an economic system?
Invisible hand
Who developed the ideas that socialism is based on?
Karl Marx
What is the economic system where private individuals own the means of production?
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What is the term for an economic system where everything is owned by the state?
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Study Notes
Economic Systems
- An economic system where the government owns some or all of the factors of production is developed from Karl Marx's ideas.
- This system is characterized by government control over the means of production.
- The factors of production include land, labor, capital, and enterprise.
Correct Answer
- The correct answer is B. Socialism / Sosialisme.
- Socialism is an economic system that combines social ownership of the means of production with economic planning.
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