Given below are certain features. Identify which belongs to the Capitalist and Socialist Economy respectively.
Which of the following is characteristic of Socialist Economy?
- In this type of economy, consumers have complete liberty to make choices according to their needs.
- It is less democratic and is more like government dictatorship.
- It leads to inequality in society, making the rich richer and poor poorer.
- It involves Economic planning.
1
A and B are about Capitalist Economy while C and D are about Socialist Economy.
2
A and C are about Capitalist Economy while B and D are about Socialist Economy.
3
B and C are about Capitalist Economy while A and D are about Socialist Economy.
4
B and D are about Capitalist Economy while A and C are about Socialist Economy.