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Question
Which of the following type of economy has purely private ownership?
Options
Socialist economy
Capitalist economy
Mixed economy
Traditional economy
MCQ
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Solution
Capitalist economy
Explanation:
A capitalist economy is characterized by purely private ownership of resources and means of production. Individuals and businesses own capital and operate for profit with minimal government intervention. In contrast, socialist economies feature government ownership, mixed economies have both private and public ownership, and traditional economies rely on customs and communal ownership.
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