Question:medium

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:

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Capitalism focuses on profit, while socialism supports collective ownership.

Updated On: Jun 4, 2026

A and B Only
A and D Only
B and C Only
C and D Only

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The Correct Option is C

Solution and Explanation

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