Asked by Jayraj Gadhavi on Jun 28, 2024
Verified
The government of ABC country owns the railways,utilities,energy companies,and financial institutions.Ownership of small,less critical businesses is in private hands.This is an example of socialism.
Socialism
Socialism is a political and economic theory advocating for collective or governmental ownership and administration of the means of production and distribution of goods.
Private Hands
Ownership or control by private individuals or corporations, as opposed to public or government ownership.
Financial Institutions
Organizations that provide financial services, such as banks, insurance companies, and investment firms.
- Examine the distinct characteristics that differentiate socialism, communism, and market economies.
Verified Answer
BJ
Brisiadenisse JuarezalonsoJul 01, 2024
Final Answer :
True
Explanation :
This scenario describes a mixed economy with key industries owned by the government, which aligns with socialist principles where the state controls major sectors of the economy to ensure equitable distribution of resources, while allowing private ownership of less critical businesses.
Learning Objectives
- Examine the distinct characteristics that differentiate socialism, communism, and market economies.