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WAEC Economics 1998 Question 39

Question 39

Economic Systems

The economic system in which the decisions about what to produce, how to produce and for whom to produce are made by private firms is called

  1. A.socialism
  2. B.welfarism
  3. C.communism
  4. D.capitalism
  5. E.traditionalism
Show the answer and explanation

Answer: D (capitalism)

Explanation

Under capitalism, private individuals and firms make the basic economic decisions through the market.