The characteristics above describe-
A. Communism
B. Socialism
C. Monarchy
D. Capitalism
Answers
Explanation:
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Explanation:
A. Communism
Communism has a centrally planned economy; it can quickly mobilize economic resources on a large scale, execute massive projects, and create industrial power. It can move so effectively because it overrides individual self-interest and subjugates the welfare of the general population to achieve critical social goals.
B. Socialism
A socialist economy features social rather than private ownership of the means of production. It also typically organizes economic activity through planning rather than market forces, and gears production towards needs satisfaction rather than profit accumulation.
C. Monarchy
A monarchy consists of distinct but interdependent institutions—a government and a state administration on the one hand, and a court and a variety of ceremonies on the other—that provide for the social life of the members of the dynasty, their friends, and the associated elite.
D. Capitalism
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor.