Question

Which of the following could not be considered a major economic system?

a. capitalism.

b. communism.

c. socialism.

d. physical quality of life index.​

Answer 1

Answer:

a is the correct answer.

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Answer 2

Answer:

Physical quality of life index is not considered as a major economic system.

Explanation:

The major economic system are -

1. Capitalism
2. Communism
3. Socialism

• In the Capitalism economic system in which the private individuals or organizations own capital products. The goods and services produced helps to generate profit (indirectly for using).

• Communism is a political and economic philosophy that positions itself contrary to liberal majority rule government and capitalism, upholding rather for a classless system wherein the method for creation are owned communally and confidential property is nonexistent or seriously diminished.
• Socialism or a socialist economy is a system of production of goods and services, for direct use.

Whereas, The Physical Quality of Life Index (PQLI) is an overall attempt for measuring the quality of life or the well-being of a nation.

Hence we can conclude that physical quality of life index is not considered a major economic system.