In which of the following types of economy are the factors of producti

In which of the following types of economy are the factors of production owned individually ?

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Capitalist

Socialist

Mixed

Both socialist and capitalist

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Answer is Wrong!

This question was previously asked in

UPSC CAPF – 2011

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In a Capitalist economy, the factors of production are owned individually.

Capitalism is an economic system characterized by private ownership of the means of production (factors of production like land, labour, capital, and entrepreneurship) and their operation for profit.

In contrast, socialist economies typically involve state or collective ownership of the factors of production, while mixed economies combine elements of both private and public ownership and control.

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