Capitalism is an economic system in which, private property, markets, and firms

Question

Capitalism is an economic system in which, private property, markets, and firms play an important role. Which of the following statements related to the terms in this definition are correct? a. An economic system is a way of organising the production and distribution of goods and services in an b. The knowledge you attain from the CORE programme is considered private property. c. Forced labour where the workers receive some daily allowance is an example of a market d. Employee-owned cooperatives are not firms. entire economv Choose the answer: 1) a & b 2) b& c 3) a & d 4) c & d

Explanation / Answer

Solution :- The correct answer is (3)

a & d are correct options

Economics is all about making choices and economic system is a way of organising the production and distribution of goods and services in an entire economy. And Employee owned cooperatives are not firms

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