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WAEC Economics 2010 Question 3

Question 3

Economic Systems

In which of the following economic systems do we have mostly private ownership of resources and individual decision making?

  1. A.Capitalist system
  2. B.Socialist system
  3. C.Mixed system
  4. D.Traditional system
Show the answer and explanation

Answer: A (Capitalist system)

Explanation

Capitalism is based on private ownership and individual decisions guided by prices.