An economic system based on complete freedom of trade and little, if any, government control is known as:Group of answer choicescapitalismScratchutopianismScratchsocialismScratchdemocratic economyScratchprivatization

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:Group of answer choicescapitalismScratchsocialismScratchcommunismScratchpublic enterpriseScratchlaissez faireScratch

.An economic system whereby the government controls the means of production and shares the wealth of the nation equally is called  _____________a. Communismb. Capitalism c.c. Socialismd. Oligarchy.

In which economic system is distribution done according to the principle ‘from each person according to his needs and ability’.a. Communismb. Capitalismc. Socialismd. Oligarchy.

A free enterprise system is also called ____________ or a market economyResponsescapitalismcapitalisma mixed economya mixed economycommunismcommunisma dictatorship

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:Group of answer choicescapitalismScratchutopianismScratchsocialismScratchdemocratic economyScratchprivatization