Private ownership of the means of production is a feature of a _______ economy.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. Capitalist.
1. Capitalism is defined as private ownership and control over the means of production, where the surplus product becomes a source of unearned income for its owners.
| Mixed Economy |
A mixed economy is an economy organized with some free-market elements and some socialistic elements, which lies on a continuum somewhere between pure capitalism and pure socialism. |
| Socialist Economy |
A socialist economy is a system of production where goods and services are produced directly for use |
| Dual Economy |
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. |