Question

Economic systems differ based on: ownership of resources and production of capital goods. ownership of resources...

Economic systems differ based on:

  • ownership of resources and production of capital goods.

  • ownership of resources and coordination of economic activity.

  • production of consumption goods and coordination of economic activity.

  • ownership of resources and production of consumption goods.

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Homework Answers

Answer #1


Economic systems can be organized in various manner.

In one economic system, all resources are owned by the government which coordinates the economic activity using central planning mechanism. Such economic system is termed as socialist economic system.

In other economic system, all resources are owned privately and market forces of demand and supply coordinates the economic activity using price mechanism. Such economic system is termed as capitalistic economic system.

In another economic system, some resources are owned by government while some are privately owned and economic activity is coordinated by a mix of government intervention and free market forces. Such economic system is termed as mixed economic system.

So,

Economic systems differ based on ownership of resources and coordination of economic activity.

Hence, the correct answer is the option (2).

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