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SSC CHSL 2020 PYQ — Question 37

SSC CHSL - 14th October 2020 - Shift 1 • General Awareness • Q37

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Which of the following is an economic system in which capital goods are owned by private individuals or businesses and the production of goods and services is based on supply and demand in the general market?

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Correct answer: D

Explanation

The correct answer is option 4 i.e Capitalistic Economy.

  • Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy.
  • A mixed economic system is a system that combines aspects of both capitalism and socialism.
  • The communist economic system is one where class distinctions are eliminated and the community as a whole owns the means of production.