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

June 1, 2025 by rawan239

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

[amp_mcq option1=”Capitalist” option2=”Socialist” option3=”Mixed” option4=”Both socialist and capitalist” correct=”option1″]

This question was previously asked in

UPSC CAPF – 2011

Download PDF Attempt Online

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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