Question
Identify the correct characteristics related to major economic system.
A. In communism, there is private ownership of the means of production.
B. In capitalism, accumulation of profits is the main incentive.
C. In socialism, collective ownership of the means of production exists.
D. In countries like Canada and Mexico there is communal ownership of all the property.
Choose the correct answer from the options given below :
This question was previously asked in
CUET PG 2026 Agri-Business Management Question Paper (25-Mar-2026) (Shift 2)
The correct answer is
B and C Only
Economic Systems Characteristics Analysis
This question requires identifying accurate descriptions of major economic systems: capitalism, socialism, and communism. We will evaluate each statement.
Statement Evaluation
- Statement A: "In communism, there is private ownership of the means of production." This statement is incorrect. Communism advocates for communal or state ownership, eliminating private property.
- Statement B: "In capitalism, accumulation of profits is the main incentive." This statement is correct. The pursuit of profit drives economic activity and investment in capitalist systems.
- Statement C: "In socialism, collective ownership of the means of production exists." This statement is correct. Socialism emphasizes social or collective ownership and control over the means of production.
- Statement D: "In countries like Canada and Mexico there is communal ownership of all the property." This statement is incorrect. Canada and Mexico primarily feature mixed economies with dominant private ownership, not communal ownership of all property.
Conclusion
Based on the analysis, statements B and C are correct characteristics of capitalism and socialism, respectively. Therefore, the option containing only B and C is the correct choice.
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