Asked by Kaitlyn Wallace on May 26, 2024
Verified
In the country of ABC,the government owns the public transportation,basic services like energy supply and communication,and the core manufacturing firms.Small businesses are privately owned.What type of economic system does ABC have?
A) Capitalism
B) Communism
C) Socialism
D) Individualism
Public Transportation
A system of vehicles such as buses and trains that operate at regular times on fixed routes and are available for use by the general public.
Core Manufacturing Firms
Companies that are central to the manufacturing sector, producing essential goods required by various industries.
Basic Services
Essential services required to meet basic human needs, including water, sanitation, electricity, healthcare, and education.
- Comprehend various economic frameworks (capitalism, socialism, communism, mixed economy) and their distinctive features.
Verified Answer
KM
Keith MacNeilMay 31, 2024
Final Answer :
C
Explanation :
In a socialist economic system, the government owns and controls the major means of production, including public transportation, basic services like energy and communication, as well as core industries, while allowing for private ownership of smaller businesses. This description matches the scenario provided for the country of ABC.
Learning Objectives
- Comprehend various economic frameworks (capitalism, socialism, communism, mixed economy) and their distinctive features.