passwella.
Menu

WAEC Economics 1988 Question 21

Question 21

Economic Systems

An economic system in which most capital goods are owned by individuals and private firms is known as

  1. A.Mixed economy
  2. B.Planned economy
  3. C.Capitalist economy
  4. D.Traditional economy
  5. E.Civilized economy.
Show the answer and explanation

Answer: C (Capitalist economy)

Explanation

Private ownership of the means of production is the main feature of a capitalist economy.