Question

Match the economic system with its characteristics:

Economic System	Characteristics
a. Capitalism	i. Private ownership of resources; market-driven economy with minimal government intervention
b. Socialism	ii. Government ownership of key industries; centralized economic planning
c. Mixed Economy	iii. Combination of private and government ownership; focus on social welfare and regulation
d. Market Economy	iv. Private ownership with some government regulation; competition and market forces determine economic outcomes

• A. a-iv; b-ii; c-i; d-iii
• B. a-i; b-ii; c-iii; d-iv
• C. a-iii; b-iv; c-ii; d-i
• D. a-ii; b-i; c-iii; d-iv

Answer 1

The Correct Option is B

To solve this question, we need to correctly match each economic system with its characteristic as per the options given. Let's analyze each option:

1. Capitalism: Characteristic associated with Capitalism is i. This system is characterized by private ownership of resources where the economy is market-driven with minimal government intervention. 
2. Socialism: Characteristic associated with Socialism is ii. Here, the government owns key industries, and economic planning is centralized.
3. Mixed Economy: Characteristic associated with Mixed Economy is iii. It involves a combination of private and government ownership, with a focus on social welfare and regulation.
4. Market Economy: Characteristic associated with Market Economy is iv. This involves private ownership with some government regulation, where competition and market forces determine economic outcomes.

Now, let's verify the options against these associations:

• Option 1: a-iv; b-ii; c-i; d-iii (Incorrect)
• Option 2: a-i; b-ii; c-iii; d-iv (Correct)
• Option 3: a-iii; b-iv; c-ii; d-i (Incorrect)
• Option 4: a-ii; b-i; c-iii; d-iv (Incorrect)

Therefore, the correct answer is: a-i; b-ii; c-iii; d-iv. This matches each economic system with its respective characteristic accurately.